Approximately $102 million will be returned to California businesses
State Compensation Insurance Fund (State Fund) today announced that it will declare an approximate $102 million dividend to its qualifying policyholders with policies that took effect between January 1 and December 31, 2023. This dividend equals approximately 10% of the estimated annual premium reported during that period.
In 2023, State Fund reported approximately $1.023 billion in estimated annual premium (EAP) and netted $566 million in investment income
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“As we continue to navigate an uncertain economy, we remain focused on providing value to our policyholders at every opportunity,” said State Fund President & CEO Vern Steiner. “I’m very pleased that our strong financial position, excellent claims performance over the last several years, and the recent increase in interest rates on our fixed income investment portfolio allows us to return money to our policyholders for the fifth consecutive year.”
Disclaimer: Under California law it is unlawful for an insurer to promise the future payment of dividends under an unexpired workers’ compensation insurance policy or to misrepresent the conditions for dividend payment. Dividends are payable only pursuant to conditions determined by the Board of Directors or other governing board of the Company following policy expiration. It is a misdemeanor for any insurer or officer or agent thereof, or any insurance broker or solicitor, to promise the payment of future workers’ compensation dividends. Past dividend performance is no guarantee of an insurer’s future dividend performance. Forfeiture of a right to, reduction in the amount of, or delay in the payment of a policyholder’s dividend due to the policyholder’s failure to accept renewal of the policy or subsequent policies issued by the same insurer is illegal and constitutes an unfair practice.
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