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Established in 1914 by the state legislature, State Fund is California's most reliable 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, helping California employers keep their workplaces safe, and restoring injured workers.



 

State Fund 2015 Annual Report Available Online

June 16, 2016

San Francisco, CA – State Compensation Insurance Fund’s 2015 Annual Report is now available online. The report profiles financial performance in 2015 highlighted by an increase of $271 million in net income, which is 14 percent more than in 2014. Other important highlights include:

“2015 was a pivotal year for State Fund’s transformation into the agile and efficient workers’ compensation carrier we will become,” stated Vernon Steiner, State Fund President and CEO. “Under the oversight of our Board of Directors, we began this transformation with the goals of strengthening our culture and improving our business processes and technology.”

Some of the past year’s accomplishments include:

State Fund’s Board of Directors did not declare a dividend on new or renewal policies that incepted during the 2015 calendar year. During 2015, State Fund designated an additional $750 million dollars as restricted surplus to cover future expenses for pension and other healthcare benefits. We also continue to carry reserves for losses, anticipated future claims, and expenses that are prudent and adequate for our operations.

Although we are pleased to have been the only California workers’ compensation insurer to declare policyholder dividends for each policy year from 2011 through 2014, as a public enterprise funded entirely by premiums and investment income, we are committed to maintaining our financial strength to ensure that California employers and workers can continue to depend on us now and in the future.

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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.

 

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