Superior National/Cal Comp Under Reserved by $1.4 Billion

SANTA MONICA - The continuing saga of the Superior National/Cal Comp companies' demise continues to affect the state's employers. The total unfunded claims liabilities is a staggering $1.4 billion, according to the California Insurance Guarantee Association.CIGA is facing a crisis of cash as it is being crushed under the tonnage of the carriers' failure. Unless it gets legislative relief, it will run out of money by the end of the year APRIL 2001.CIGA is asking for emergency legisla