The State Compensation Insurance Fund (SCIF) and a group of its current and former workers’ comp payroll auditors have come to terms on a deal to settle claims that they were working overtime but not getting paid for it. The parties have agreed to settle for $1.2 million but the Federal judge handling the case …
With the worst figures among California carriers and a reputation with brokers that — how can we say this — sucks, State Compensation Insurance Fund’s board of directors approved compensation packages worth a combined $2.44 million for two key executives – newly appointed president and CEO Vernon Steiner and general counsel Carol Newman. The deals …
Workers’ Comp Executive has been asked by a group of civil service employees presently working at State Compensation Insurance Fund to provide this letter from them via public means to their new president, Vern Steiner. We believe its content has news value to the workers’ comp community as a whole and have therefor agreed to …
Researchers are warning that Congressional inaction on the federal terrorism insurance program could set the stage for the insolvency of the California’s State Compensation Insurance Fund (SCIF). The researchers from RAND also warn that the expiration of the federal Terrorism Risk Insurance Act (TRIA) would raise workers’ comp rates for California employers and increase State …
The state’s competitive workers’ comp market of last resort is moving into the tough market for excess workers’ comp insurance. Sources indicate that this could be a major development for the excess workers’ comp market in California. Few players are interested in writing excess policies due to the unpredictable nature of the risk. Even fewer are …
The State Compensation Insurance Fund (SCIF) revealed that its combined ratio climbed 9 points in the first quarter of 2014 after it took a $50 million charge to boost its loss adjustment expense (LAE) reserves. The charge helped push the quasi-governmental carrier’s combined ratio to 140.3% in the quarter compared to a budgeted combined ratio …
Note: We had so many responses to our request for suggestions about the qualities needed in a State Fund president that it took a little longer to write than I’d expected. We had many funny ones, some just plain sad ones, and many serious suggestions and ideas from SCIF employees, brokers and customers. Today we …
The State Compensation Insurance Fund is continuing its month’s long search for a new president after its last abruptly departed the carrier back in November. After nearly 6 months no replacement has been found. And, down a few paragraphs, we’re asking our readers what qualities they think might be needed (serious or funny) for such …