from Mike Burns, Group Insurance Manager, State Compensation Insurance Fund
State Fund’s Board of Directors has approved a $37 million dividend to qualifying policyholders for the 2014 policy year. The dividend represents approximately 2.6 percent of policyholders’ 2014 estimated annual premium.
In order to be eligible for the 2014 policy year dividend, policyholders must:
- Have completed no less than 335 days of continuous coverage during their 2014 policy term.
- Have not cancelled during their 2014 policy term.
- Have complied with our audit and as a result the final audit was completed within 18 months of the 2014 policy inception. No dividend shall be paid on any premium owed or paid as a result of an audit.
- Be current on 2014 premium payments.
Payments to your clients who qualify for a dividend will be based on the inception dates of policies.
This action brings total dividends declared by State Fund since 2011 to $287 million. Eligibility criteria will be determined and announced in the near future.
***
Category