California’s alternative security program (ASP) for large, individual, self-insured employers will be operating this year with a net increase in the number of companies covered, but the overall value of the program is down 3%. Overall, the $7.5 billion program run by the Self Insurers’ Security Fund (SISF) added eight new members – including five …
Last year’s comprehensive workers’ comp reform bill did a few things besides increase benefits for injured workers. It also changed the requirements for security deposits self-insured employers in California must post. The change generated some $300 million in additional collateral to protect the benefits of injured workers while returning over $70 million to many formerly self-insured …
The California legislature is advancing a bill to require the California Department of Insurance to spend $128,000 to collate and publish currently available data on California workers’ comp carriers. The bill – SB 36 by Sen. Ben Hueso (D-San Diego)– cleared the Assembly Insurance Committee without opposition and without a requirement that CDI also post …
California’s alternative security program (ASP) for large, self-insured employers is operating this year with a net increase of nine new employers and is now covering workers’ comp security deposits worth a combined $7.7 billion. The 24.8% increase in the program’s coverage comes as its membership bumped up to 349 employers and the state tightened the …
Carriers wrote less excess workers’ comp premium for California self-insured employers, self-insured groups (SIGs) and public entities last year, according to the latest data from the California Department of Insurance. Overall, the excess workers’ comp insurance market generated just over $183 million in written premium last year, which is down from nearly $190 million in …
SB 863 is imposing new rules on self-insured employers and self-insured groups (SIGs) that could force some of them to nearly double their security deposits as well as increase their annual collections for workers’ comp liabilities. Others may choose to simply shut down. Self-insured groups also say the new rules create a conflict that would …
The state’s alternative security program (ASP) for private employers that are self-insured for workers’ compensation liability lost nine companies from the program while three new ones were approved to participate, according to state records. Under California law, self-insured employers must post a deposit that covers their estimated future liabilities of their open workers’ comp claims …
California’s self-insured employers incurred higher costs on their workers’ compensation claims in 2011 as the ratio shifted towards more indemnity claims and attorney involvement increased once again. Overall, new data from the Office of Self Insurance Plans (OSIP) shows that incurred costs were up 4.2% – or $24.7 million – last year to $619.6 million …