View this article online: https://www.insurancejournal.com/magazines/mag-features/2020/01/13/554441.htm
California State Compensation Insurance Fund announced plans to distribute a roughly $55 million dividend to its qualifying policyholders with policies that took effect between Aug. 20 and Dec. 31, 2019.
The dividend amounts to 15% of the estimated annual premium reported during that time period.
This announcement follows up State Fund’s August declaration of a 15% mid-year dividend that applied to all policies incepted between Jan. 1 and Aug. 19, 2019. The dividend distribution for the entire year equals roughly $160 million.
Through 2019, State Fund is reporting roughly $1.2 billion in premium and $110 million in realized capital gains.
Since its creation in 1914, State Fund has paid out more than $5 billion in dividends to policyholders.
State Fund policyholders eligible for a 2019 dividend will begin to receive dividend payments during the second half of next year.