San Francisco, CA – State Compensation Insurance Fund’s 2014 Annual Report is now available online. The report highlights a jump in net premiums earned of $1.669 billion, which is 53 percent more than in 2013. Other important highlights include:
“In 2014, we undertook several actions to preserve our financial position and benefit our customers and injured workers in the years ahead, including strengthening our reserves,” stated Vernon Steiner, State Fund President and CEO. “We remain dedicated to our purpose of providing fairly priced workers’ compensation insurance to all businesses that seek coverage, to help make workplaces safe, and to restore injured workers.”
State Fund also rolled out a free online training program on acute and chronic pain treatment alternatives for physicians in State Fund’s medical network and broadened their pricing structure. All were aimed to improve operations and reduce expenses in order to better serve all stakeholders—policyholders, brokers, and employees.
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Established in 1914 by the state legislature State Fund has operated for 100 years, is California’s largest provider of workers’ compensation insurance, and a vital asset to California businesses. State Fund supports California’s entrepreneurial spirit and plays a stabilizing role in the economy by providing fairly priced workers’ compensation insurance making California workplaces safe, and restoring injured workers.
Disclaimer statement: Under California law it is unlawful for an insurer to promise the future payment of dividends under an unexpired workers' compensation insurance policy or to misrepresent the conditions for dividend payment. Dividends are payable only pursuant to conditions determined by the Board of Directors or other governing board of the Company following policy expiration. It is a misdemeanor for any insurer or officer or agent thereof, or any insurance broker or solicitor, to promise the payment of future workers' compensation dividends. Past dividend performance is no guarantee of an insurer's future dividend performance.
