The actual loss experience and expense of the fund shall be ascertained on or about the first of January in each year for the year preceding. If it is then shown that there exists an excess of assets over liabilities, necessary reserves, and a reasonable surplus for the catastrophe hazard, then a cash dividend may be declared to, or a credit allowed on the renewal premium of, each employer who has been insured with the fund.
Cal. Ins. Code § 11776
Organization and Powers
Applied in 3 court decisions — leading case 65 Cal. App. 4th 1422 - Tudor Ranches, Inc. v. State Comp. Ins. Fund (1998)
Most recently applied in 65 Cal. App. 4th 1422 - Tudor Ranches, Inc. v. State Compensation Insurance Fund (August 1998)
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.