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 …
California State Compensation Insurance Fund (SCIF) continues to suffer financially from underwriting losses, premium decreases and account flight as competitors and the economy take business from the state’s largest workers’ comp carrier. Through the first nine months of the year, the quasi-public agency’s policy count was off by 12% and net premiums earned were off …
Michael Holzman, a broker, pleads for sanity before the State Compensation Insurance Fund’s Board of Directors. He’s a gracious broker who lost a lawsuit against them. His firm, Cumbre, tried to give up and walk away back in 2004 but SCIF kept pounding away, and he says wasted millions of dollars. You can decide if …
The Orange County roofing contractor behind the state’s largest-ever workers’ comp premium fraud case is going away to state prison but for fewer years than sought by prosecutors. And the contractor, Michael Vincent Petronella, may have to pay far less in restitution to State Compensation Insurance Fund (SCIF) than the millions prosecutors say he cheated …
State Compensation Insurance Fund (SCIF) did not violate any duty of fair procedure when it kicked Cumbre Inc. from its preferred broker network seven years ago as part of an effort to reduce its loss ratio, according to a ruling by the California Court of Appeal. The court sided with California’s largest workers’ comp carrier …
In line with demands from Compline, State Compensation Insurance Fund has changed its policy and will allow producers to start using full Brokers of Record letters on its direct business. Commissions will be paid. In addition, presumably in order to remain competitive, it has increased the availability of merit rating on small accounts from 25% …
A recent article on the Service Employees International Union’s proposed contract with the state generated a flurry of responses from readers of Workers’ Comp Executive. The deal would subject workers at State Compensation Insurance Fund (SCIF) to cuts in pay and benefits, including a 5% cut in wages through a 12-month personal leave program that the …
The city of Elk Grove has had its workers’ comp with the State Compensation Insurance Fund since it first incorporated as a city a decade ago. But that relationship is over. Faced with a double-digit rate hike, the Sacramento suburb opted to explore its options and is switching its coverage to Travelers. All the due diligence …