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Vernon Steiner has been named president and chief executive officers of the State Compensation Insurance Fund, an organization with offices at 5880 Owens Drive in Pleasanton that provides California businesses with a stable option for their workers’ compensation insurance.
Steiner’s appointment is effective June 9. He is joining State Fund from Zenith Insurance Company, where he has been its senior vice president of Claims, responsible for Zenith’s national claims operation with significant focus in California.
Steiner will earn an annual salary of $450,000, an annual bonus eligibility equivalent to 30% of his salary, a monthly retention payment of $1,500, and California state civil service benefits. Additionally, he will receive a one-time recruitment and retention bonus of $270,000.
“State Fund has made significant progress in transforming its operations to deliver greater transparency, accountability, efficiency, and productivity,” said State Fund’s board chairwoman Sheryl Chalupa.
“(He) has deep experience in leading insurance operations, especially workers’ compensation claims operations,” she added.”.He has a strong track record of building effective senior teams and strong capabilities at the organizations he has led.”
Steiner has 24 years of industry experience, most of which has been focused on workers’ compensation and casualty business operations. Prior to joining Zenith, he held several leadership positions at CNA Financial and, prior to that, was with AIG for eight years.
He has served on the Workers Compensation Research Institute’s (WCRI) advisory board since 2009 and has been a member of the California Workers’ Compensation Institute’s (CWCI) board of directors since 2010. Last March, he was elected chairman of the CWCI Board of Directors.
Steiner holds a BA degree in Philosophy from UCLA.
In view of the recent stories involving public entity leaders and their salaries, is it appropriate that the CEO of a state entity receive 450k plus a retention fee plus a bonus plus civil service benefits? SCIF is funded by policyholder monies less necessary operating expenses. Are the corporate like salaries being paid the CEO, CFO, General Counsel, and other executives appropriate for a civil service organization?