Brokers across the state are jockeying to pick up new accounts now that State Compensation Insurance Fund (SCIF) has changed its policy on recognizing Broker of Record (BOR) letters for accounts written directly by the carrier. But with so much business at stake — some 84,000 policies and roughly $440 million in workers’ comp premium …
State Compensation Insurance Fund will allow producers to start taking over its direct business on a Broker of Record letter starting January 1, 2011. State Fund will pay commissions between 10% and 12%, and has also increased the availability of merit rating on small accounts from 25% to 40%. But it will also charge 3% …
In the final week of this election season, Republican state senate candidate (and current Assemblyman) Ted Gaines, an insurance agency owner from Sacramento, is driving home his pledge to hold the line on taxes. His support of small business reflects his support of Compline’s challenge to State Fund’s practice of prohibiting broker of record changes …
They hope they won’t have to wait long, but brokers and those organizations representing brokers and the interests of their clients will keep pushing State Compensation Insurance Fund to compete fairly and provide a level playing field to its California employers and businesses. Compline, the Alliance of Insurance Agents and Brokers and other associations have …
Representatives speaking on behalf of brokers and their clients sound off on State Compensation Insurance Fund’s broker of record practice. J Dale Debber, president of Compline and Jerry Conrey, representing the Alliance of Insurance Agents and Brokers, eloquently call upon State Fund to accept broker of record changes on direct accounts and allow its clients …
Broker of record letters (BOR) are a standard operating procedure in the California workers’ comp market for moving ownership and commissions of an account from one broker to another. State Compensation Insurance Fund will not honor ownership and commissions in BOR letters for its direct business: A broker can take over servicing an account, but …