State Compensation Insurance Fund

State Fund Now Accepting Applications for $50 Million Return-to-Work Safety Fund

Friday, May 22, 2020 - 10:05pm

State Compensation Insurance Fund (State Fund), Californias leading provider of workers compensation insurance, announced today it has started accepting applications for its $50 million Returning California to Work COVID-19 Safety Protocol Fund.

Key Points: 
  • State Compensation Insurance Fund (State Fund), Californias leading provider of workers compensation insurance, announced today it has started accepting applications for its $50 million Returning California to Work COVID-19 Safety Protocol Fund.
  • The fund will help State Fund policyholders implement new safety measures to combat the spread of COVID-19 as Californias stay-at-home orders are lifted.
  • Our return to work safety fund will help protect our policyholders, their employees, and their customers from COVID-19, said State Fund President & CEO Vern Steiner.
  • State Fund will continue to accept applications and award grants until the $50 million fund is depleted.

State Fund Announces $165 Million in Additional Support for Policyholders and Workers Impacted by COVID-19

Saturday, April 18, 2020 - 3:11am

State Compensation Insurance Fund (State Fund) announced today another series of actions designed to support policyholders and workers affected by the COVID-19 crisis.

Key Points: 
  • State Compensation Insurance Fund (State Fund) announced today another series of actions designed to support policyholders and workers affected by the COVID-19 crisis.
  • Doubling the size of the Essential Business Support Fund announced earlier this week to $50 million.
  • In the four days since the fund was announced, State Fund has received over 700 applications for COVID-19 workplace safety support funds.
  • State Fund currently estimates these added benefits will require approximately $90 million in addition to the previously committed funds for a total of $115 million.

State Fund Announces $50 Million in Special Funds to Support Essential Workers During COVID-19 Crisis

Monday, April 13, 2020 - 10:00pm

State Compensation Insurance Fund (State Fund) announced today that it will establish two new funds to support the health and recovery of essential workers and workplace safety during the COVID-19 crisis.

Key Points: 
  • State Compensation Insurance Fund (State Fund) announced today that it will establish two new funds to support the health and recovery of essential workers and workplace safety during the COVID-19 crisis.
  • The first fund, called the Essential Worker Support Fund, is a $25-million relief fund designed to support State Fund policyholders essential workers, as defined by Governor Newsoms Executive Order N-33-20, who contract COVID-19 or are ordered to self-isolate due to a potential exposure.
  • State Fund will offer assistance regardless of any potential legal uncertainty about whether the COVID-19 diagnosis arose from the essential workers employment and will not impact the workers ability to pursue full workers compensation benefits.
  • The second fund, called the Essential Business Support Fund, is a $25-million fund designed to assist State Fund policyholders that are essential businesses as defined by Governor Newsoms Executive Order N-33-20.

State Fund Declares 15% Dividend for 2019 Policy Year

Tuesday, December 31, 2019 - 8:00pm

State Compensation Insurance Fund (State Fund) today announced plans to distribute an approximate $55 million dividend to its qualifying policyholders with policies that took effect between Aug. 20 and Dec. 31, 2019.

Key Points: 
  • State Compensation Insurance Fund (State Fund) today announced plans to distribute an approximate $55 million dividend to its qualifying policyholders with policies that took effect between Aug. 20 and Dec. 31, 2019.
  • This announcement follows up State Funds August declaration of an approximate 15% mid-year dividend that applied to all policies incepted between Jan. 1 and Aug. 19, 2019.
  • Through 2019, State Fund is reporting approximately $1.2 billion in premium and $110 million in realized capital gains.
  • State Fund policyholders eligible for a 2019 dividend will begin to receive dividend payments during the second half of next year.

 State Fund Declares $105 Million Dividend

Thursday, August 22, 2019 - 9:00pm

State Compensation Insurance Fund s Board of Directors today announced plans to distribute an approximate $105 million dividend to its qualifying policyholders with policies that took effect between Jan. 1 and Aug. 19, 2019.

Key Points: 
  • State Compensation Insurance Fund s Board of Directors today announced plans to distribute an approximate $105 million dividend to its qualifying policyholders with policies that took effect between Jan. 1 and Aug. 19, 2019.
  • Through July of this year, State Fund is reporting over $662.5 million in premium and over $78.6 million in realized capital gains.
  • State Fund policyholders will begin to receive dividend payments during the second half of next year.
  • Established in 1914 by the state legislature, State Fund is Californias most reliable provider of workers compensation insurance and a vital asset to California businesses.

AM Best Senior Financial Analyst to Present at American Association of State Compensation Insurance Funds Conference

Wednesday, July 10, 2019 - 1:25pm

AM Best will participate in the American Association of State Compensation Insurance Funds (AASCIF) annual conference, which will take place July 21-24, 2019, at the Hilton Cleveland Downtown in Cleveland, OH.

Key Points: 
  • AM Best will participate in the American Association of State Compensation Insurance Funds (AASCIF) annual conference, which will take place July 21-24, 2019, at the Hilton Cleveland Downtown in Cleveland, OH.
  • Kim Muccia, senior financial analyst, will deliver a presentation on AM Bests Credit Rating process.
  • The AASCIF is an association of workers compensation insurance companies from 26 U.S. states, plus eight workers compensation boards in Canada.
  • The organizations annual conference offers a series of timely educational presentations designed with the needs of workers compensation insurance professionals in mind.