The State Compensation Insurance Fund (SCIF) was established in 1914 and SCIF, often called the State Fund, has operated for more than 100 years in California. SCIF is the state’s insurer of last resort and is actually the largest provider of workers’ compensation insurance for businesses operating in this state. According to SCIF, “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.”
Labor Code Division 1, Chapter 1, Section 57.5 provides that all duties, powers, and jurisdiction relating to the administration of the State Compensation Insurance Fund are vested in the Board of Director of the SCIF. State Fund is California’s leading provider of workers’ compensation insurance. It is a non-profit and is funded by premiums received and investment income.
According to SCIF, the State Fund “offers diverse and comprehensive products and services that provide a strong and stable option for employers and injured employees with fast, reliable claims service and medical and indemnity benefits. State Fund’s accident prevention services, which are provided to policyholders at no additional cost, ultimately help assist businesses save money.
State Fund has over 110,000 policy holders and generates more than $900 million annually in premiums. SCIF also holds $21 billion in assets.
- Drafting Legislative Counsel Digests - January 26, 2023
- Why Is a Constitutional Amendment Given a Resolution Chapter? - January 25, 2023
- What Happens with Vexatious Litigants in California? - January 24, 2023