State Fund Begins Distributing $100 Million Dividend Operational Efficiencies Pay off for Thousands of Policyholders
SAN FRANCISCO, July 2, 2013 /PRNewswire/ -- State Fund will begin issuing dividend payments to eligible policyholders in early July. The $100 million dividend will be paid on the 2012 policy year; eligible policyholders will receive approximately 10% of their 2012 estimated annual premium.
"The dividend is a direct result of sound investment returns and improved efficiencies at State Fund," said Tom Rowe, State Fund President and CEO. "We are committed to helping make California business possible and this dividend supports a brighter future for employers."
Last year, State Fund declared a $50 million dividend. Since its inception in 1914, State Fund has paid more than $5 billion in dividends to policyholders--a record unparalleled among all California workers' compensation insurance carriers.
EDITOR'S NOTE: Established in 1914 by the state legislature, State Fund is California's largest provider of workers' compensation insurance and a vital asset to California businesses. Completely self supporting, State Fund plays a stabilizing role in California's economy by maintaining an open door policy that ensures that all employers have a strong and stable option for their workers' compensation needs.
Disclaimer statement: 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.
SOURCE State Compensation Insurance Fund