Will There Be Future CIGA Assessments?

The California Insurance Guarantee Association (CIGA) has good news. It is going another year without assessing California employers or other insureds to support its operations. Recent operational changes make future assessments even less likely. Association officials note that CIGA has nearly $2.7 billion in surplus across all of its lines of responsibility – workers’ compensation, … Read More »

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California Workers’ Comp Loss Ratio at 81%

According to the Bureau’s latest data, California’s workers’ compensation insurance carriers returned a pre-tax underwriting profit of nearly $2 billion last year. The 14% underwriting profit ratio is the third straight year of double-digit underwriting margins, but the results include State Fund’s numbers which adversely skew the results. The results sans State Fund are eye-popping. … Read More »

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CIGA Cuts Expenses By 45%

The California Insurance Guarantee Association’s board of directors learned this month that the agency’s projected expenses for the coming fiscal year are down nearly $38 million – a 45% reduction – from the agency’s budget just three years ago. Driving the savings are reduced spending on outside attorneys and decreased use of third-party administrators (TPAs).  … Read More »

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Rating Bureau, CIGA, CHSWC Bills Clear Initial Committee

The Assembly Insurance Committee last week passed three bills that amend the requirements for some workers’ comp reports, increase oversight of a key industry resource, and would extend the California Insurance Guarantee Association’s bond issuing authority. The bills advanced without opposition. Two of the bills are Committee bills, but Committee chair Assemblyman Tom Daly (D-Anaheim) … Read More »

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Workers’ Comp and General Liability Claims Headed To CIGA

New workers’ compensation and general liability claims are soon to hit California Insurance Guarantee Association. The liquidation is the first involving workers’ comp to hit CIGA’s books in five years.  CIGA officials say it is well within their capacity to handle the claims without any additional burden or surcharges on California employers. The Pennsylvania Insurance … Read More »

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CIGA’s Claims Handling Process Is Lowering Expenses

The California Insurance Guarantee Association continues to make progress in closing out workers’ comp claims and reducing future liabilities. A restructured claim handling process is also lowering its expenses in real-time. The association’s board of directors heard that CIGA nearly reached its full-year claims closure goal by the fiscal year’s halfway point and that its … Read More »

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No CIGA Surcharges for 2021

The California Insurance Guarantee Association continues to make headway in reducing the outstanding balance for the workers’ comp claims it inherited from failed workers’ comp carriers. Its board of directors heard earlier this month that it is still on track to pay claims without any need for additional assessments on California employers. “This is a … Read More »

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