California State Fund to Return $55M to Businesses

California’s State Compensation Insurance Fund on Thursday announced plans to distribute a roughly $55 million dividend to its qualifying policyholders with policies that took effect between Jan. 1 and Dec. 31, 2021.

The dividend equals roughly 5% of the estimated annual premium reported during that period.

State Fund last year reported roughly $1.1 billion in estimated annual premium and roughly $159 million in realized capital gains.

“Due to the significant capital gains we realized in our equity portfolio, and our strong financial position, we are able to return money to our policyholders for the third consecutive year,” said State Fund president and CEO Vern Steiner.

State Fund policyholders eligible for the 2021 dividend will begin to receive their payments after the expiration date of their individual policies.