California’s ongoing soft market for workers’ comp coverage and the depressed-economy crisis are taking their toll on the state’s largest carrier, which continues to shed premium by the bucketload. State Compensation Insurance Fund (SCIF) ended 2009 with its lowest market share number in years after shedding $500 million in premium in 2009, and first-quarter numbers …
The case that dealt the Schwarzenegger administration its first defeat over its furlough policy, at least as it pertained to attorneys and other hearing officers working at the State Compensation Insurance Fund, is going to be reviewed by the state’s highest court. The California Supreme Court agreed to take on the case to determine a …
Facing criticism that it was trying to force State Compensation Insurance Fund to waste millions of dollars on additional training for its claims adjusters that would only make them more marketable to other carriers, a key union backed down from that proposal. In exchange it won passage of a bill that would repeal a plan …
An Alameda Superior Court Judge this morning refused to order a stay of his earlier ruling that called for an end to furlough days for state workers in special fund agencies, such as the Division of Workers’ Compensation, Workers’ Compensation Appeals Board, Cal-OSHA and other agencies in the Department of Industrial Relations. The governor’s office …
Newly released state payroll records reveal that deposed State Compensation Insurance Fund (SCIF) president James Tudor left the carrier with hundreds of thousands of dollars stuffed in his pocket from extra pay for accrued paid time off. But he was far from alone in stockpiling a nest egg of unused vacation time to be cashed …
California’s largest workers’ comp carrier is facing renewed charges that the way it handled and continues to handle its broker network is procedurally unfair to brokers seeking access to its markets. The charges are part of a case coming up before the California’s Court of Appeal filed by Cumbre Insurance Services, which lost on the …
The board of directors for State Compensation Insurance Fund (SCIF) heard the news last week — the carrier’s declining market share conspired with its still high loss adjustment expenses to push its combined ratio to 161.5. The carrier’s market share is now likely below 20%, down from a high of more than 50% just a …
California workers’ comp carriers are filing a steady stream of rate increases as medical costs rise. But most are unable to capitalize on those higher premiums due to lack of capital availability and a host of competitors willing to write it as it comes. The end result is a combined loss ratio for California’s workers’ …