VACAVILLE, Calif., July 27, 2012 /PRNewswire/ -- State Compensation Insurance Fund (State Fund) began issuing dividend payments to eligible policyholders—the first time in a decade. The $50 million dividend disbursement will be paid to qualifying policyholders on the 2011 policy year.
"We believe the dividend can and should function as a way to return value to responsible policyholders; it is a down payment on our commitment to help California employers manage the cost of their workers' compensation insurance," said Tom Rowe, State Fund President and CEO.
State Fund last declared a dividend in 2001, which was more than $92 million. Since its inception in 1914, State Fund has paid more than $4.9 billion in dividends to policyholders—a record unparalleled among all California workers' compensation 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 all employers have a strong and stable option for their workers' compensation needs.
SOURCE State Compensation Insurance Fund