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.
Topics California
Was this article valuable?
Here are more articles you may enjoy.
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market 
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency 
