Sacramento, California-based State Compensation Insurance Fund announced on Friday plans to distribute an approximate $55 million dividend to its qualifying policyholders with policies that took effect between Jan. 1 and Dec. 31, 2021.
This dividend equals about 5% of the estimated annual premium reported during that period, the company said. In 2021, State Fund reported about $1.1 billion in estimated annual premium and about $159 million in realized capital gains.
State Fund president and chief executive officer Vern Steiner said this is the third consecutive year State Fund is able to return money to policyholders.
State Fund policyholders eligible for the 2021 dividend will begin to receive their payments after the expiration date of their individual policies.
The State Compensation Insurance Fund of California will distribute $39 million — approximately 10% of its estimated annual premium — in a dividend to qualifying policyholders, the Pleasanton, California-based workers compensation insurer announced Monday.