It's been a decade since the State Compensation Insurance Fund issued a dividend to its insured employers but that is about to change. The carrier is earmarking $50 million to distribute dividends to qualifying employers in the form of a premium credit for their workers' comp policy.
The credit will be applied to employers who renew their policy for 2012 and have paid their premiums in 2011 in a timely manner and are in good standing with the carrier. To qualify, employers will also have to finalize their audit bills for 2011 within six months of the policy's expiration.
The State Fund board of directors authorized the change in dividend policy during its closed door session. State Fund last declared a dividend in 2001 when it gave back approximately $92 million to policyholders.
(Filed by Brad Cain in San Francisco)