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State Fund Announces Rate Reduction and $100 Million Dividend

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As part of our response to the substance of reform delivered by SB 863, State Fund announced that we will reduce rates by 7 percent, effective March 1, 2013.  This reduction reflects our evaluation of a well-balanced set of changes to the workers’ comp system, and our commitment to maintaining fair pricing for all employers.

Additionally, our 3-year restructuring plan is on track to reduce annual expenses by $300 million.  As a result of State Fund’s sound investment returns, disciplined underwriting, and improved operating efficiencies, the Board approved a $100 million dividend to qualifying policyholders for the 2012 policy year representing approximately 10 percent of policyholders’ 2012 estimated annual premium.  Over the past several years we have made significant progress toward becoming more efficient, and it’s paying off for policyholders.

These two actions will help to provide some relief to California’s employers, and properly reflect State Fund’s role as a strong, stable, fairly priced workers’ comp provider for all California businesses.  Click here to read more about the dividend and rate reduction.


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