2007 was a tough year for SCIF. 2008 promises to be a year of change for SCIF as well.
SCIF. It’s California’s largest workers’ comp insurer, the quasi-public State Compensation Insurance Fund. SCIF competes with other carriers in the market.
SCIF’s market share has dived over the past few years from roughly half of the market to one quarter of the market. The fund may be grossly overstaffed, having ballooned with personnel several years ago as its share expanded. Sorta like a giant star that expands and then contracts.
2007 brought investigations-criminal, as well as from the legislature and the insurance commissioner. An audit revealed major problems at SCIF.
There will be a bill this year to change SCIF’s governance. Hearings will be held on January 30 at the State Senate Banking, Finance and Insurance Committee.
John Howard’s piece in today’s Capitol Weekly does a good job of summarizing the recent history on SCIF. You can see the piece here:
http://www.capitolweekly.net/article.ph … 3bkjnq8s6m
And to see the audit report itself, look at the attached post – “Audit of SCIF Shows Largest Comp Insurer Ran Amok”:
http://www.workerscompzone.com/index.ph … 212-010631
Category: Political developments