State Comp To Return $50 Million To California Employers By Lonce LaMon - December 15, 2011
California’s State Compensation Insurance Fund finalized a decision yesterday to return $50 million in policy premiums to California employers. This decision was made by the State Fund Board of Directors.
Dave Jones, California’s Insurance Commissioner, said in response to the decision, “I applaud the decision by State Fund to return these premiums. State Fund’s Board of Directors also made the right move by revising their initial proposal, which would have denied the dividend to non-renewing policyholders.”
Now, the credit will be available to 2011 policyholders who paid their premiums timely and kept their policies in good standing, and who finalize their final audit bill for 2011 within six months of expiration.
It was following discussions with the Department of Insurance that State Fund’s Board of Directors decided to remove the renewal requirement. The total return is estimated at approximately 5.2 percent of State Fund’s 2011 estimated annual premiums. This return will be applied to premiums in 2012. The most recent dividend declared by State Fund came in 2001 and was more than $92 million.
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