As the market hardens and price increases State Compensation Insurance Fund (SCIF) is reporting an uptick in its net income through the first half of 2012 thanks in large part to lower loss adjustment expenses and its ability to stanch the loss of some key accounts. Overall the carrier says that net income clocked in …
Small contractors that are reporting payroll in one of the state’s high wage/low rate classifications for the construction industry should get ready for a year-end physical audit of their payroll records. As part of an effort to cut down on suspected premium fraud in the construction industry, the Workers’ Compensation Insurance Rating Bureau (WCIRB) is …
The majority of workers’ compensation state funds in competitive markets nationwide saw their net written premiums increase last year, including seven that posted double-digit increases of as much as 29%. But California’s State Compensation Insurance Fund’s (SCIF) continued shedding accounts and premium, causing it to slip further behind the nation’s largest state fund – the …
Workers at State Compensation Insurance Fund (SCIF) are now on even footing with other state employees and will face the prospect of earning less this year due to furloughs. Not long ago a successful court challenge won an exemption for SCIF’s workers from the furloughs ordered by then Gov. Schwarzenegger, but the protection of that …
State Compensation Insurance Fund (SCIF) is rolling out an all new multi-tier rating plan that will take effect this fall and give it more flexibility in pricing risks. As part of the quai-governmental insurer’s effort to recapture accounts it has lost in recent years, it is introducing the tiered rating plan, it says, to give it …
State Compensation Insurance Fund restructuring and downsizing efforts are coming at a price – more than $450,000 in penalties a month for making late benefits payments. While the restructuring program is expected to save the quasi-governmental workers’ comp carrier $160 million this year in operational costs, more than half of the penalties it’s incurring are …
State Compensation Insurance Fund President Tom Rowe wrote in a recent report to the insurer’s board of directors that California is a “market in transition,” with lingering competitive elements at play amid a market that overall is “firming.” Those competitive elements are continuing to lure accounts away from the quasi-governmental carrier, but the account drain …
The list of the 10 largest writers of workers’ comp in California held steady in 2011 with one notable exception as Employers Compensation Insurance Company moved onto the list and Ace Limited Group (NYSE: ACE) dropped off. But within that list the major national players are busy rearranging the deck chairs as some are increasing …