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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AB 5 Exemptions, COVID-19 Reporting Bills Approved

The bill signing season is well underway. Governor Gavin Newsom put pen to paper on many bills, including measures increasing the number of exemptions to the Dynamex ABC test and a bill requiring employers to report workplace cases of COVID-19 to local and state public health officials. In addition to these measures, brokers should take … Read More »

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CIGA Actuaries Say Agency’s Reserves Remain Strong

California’s backstop for the insurance industry is sitting in solid financial shape despite the economic downturn’s negative impact on interest rates. Executive Director Brad Roeber and his team at the California Insurance Guarantee Association report that even under a pessimistic “worst-case” workers’ comp claims cost scenario, the agency has enough cash and assets to pay … Read More »

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California Workers’ Comp Highly Profitable

California’s workers’ comp insurance industry remained highly profitable in 2019, returning a pre-tax underwriting profit of 18% for the second straight year. The profitability percentage is also pre-investment income putting the profits into the 20% of premium range. However, expectations for 2020 are unclear as officials predict a 20% decline in written premium for the … Read More »

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