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The State Compensation Insurance Fund will distribute $55 million in dividend funds to its qualifying policyholders, making its total dividend distribution to policyholders $160 million for 2019, the fund announced Thursday in a statement.
The Pleasanton, California-based State Fund’s approximately 15% dividend of estimated annual premium reported for the second half of 2019 follows a similar mid-year dividend, in which the fund distributed $105 million to qualifying clients with policies that took effect between Jan. 1 and Aug. 19.
The State Fund is reporting about $1.2 billion in premium in 2019 and $110 million in realized capital gains. Since its creation in 2014, it has paid out more than $5 billion to policyholders.
Eligible policyholders will begin to receive dividend payments in the second half of 2020, said the fund.
SACRAMENTO, Calif.—Gov. Arnold Schwarzenegger proposes selling $1 billion of the State Compensation Insurance Fund's book of business to help California resolve its budget crisis, a spokeswoman for the governor said Wednesday.