May 29, 2003 |
The infighting over the fast-deteriorating workers' compensation system in California took a new turn Wednesday when officials of the workers' comp insurer of last resort announced that they have sued the state Insurance Department to thwart a potential takeover.
CALIFORNIA | LOCAL
March 4, 2003 |
Workers' compensation premiums paid by more than 250,000 employers to the State Compensation Insurance Fund will increase July 1 for all new and renewed policies under a plan approved Monday by Insurance Commissioner John Garamendi. Garamendi said the size of the increase has not been determined, but the action is needed to restore financial health to the state-run fund, which sells more than half of all workers' compensation policies in California.
August 29, 2007 |
sacramento -- The troubled state-backed workers' compensation insurance company sent a status report to lawmakers Tuesday, stressing its "significant progress in getting the organization back on track." But the 10-page report from Jeanne Cain, chairwoman of the San Francisco-based State Compensation Insurance Fund, was silent when it came to detailing a criminal probe into what Department of Insurance officials say may involve more then $1 billion in misappropriated state funds.
July 23, 2003 |
An independent auditor on Tuesday declined to certify financial statements compiled by management of the California's state-run workers' compensation fund, saying the insurer needs to set aside an additional $1 billion to pay future claims. Auditor PricewaterhouseCoopers said the State Compensation Insurance Fund of California has the ability to meet its financial obligations to injured workers for at least the next year.
CALIFORNIA | LOCAL
August 1, 1997 |
A San Fernando Valley restaurateur earned an appointment from Gov. Pete Wilson on Thursday to the State Compensation Insurance Fund's board of directors. Kevin T. McCarney, 42, has owned and operated Poquito Mas Mexican restaurants, based in North Hollywood, since 1984. He also is an SCIF policyholder, a requirement of all board members. "He represents the restaurant industry on the board, and they clearly have the greatest need and use for SCIF," said Matt Taggart, a Wilson spokesman.
September 22, 2007 |
California's troubled, state-backed workers' compensation insurance company will no longer renew contracts with its largest middleman, potentially affecting the coverage of about 25,000 mainly small and medium-sized employers. The State Compensation Insurance Fund on Friday confirmed that it had stopped doing business with Long Beach-based Western Insurance Administrators Inc.
February 7, 2008 |
California's troubled state-backed workers' compensation insurance company must revamp its board of directors, stop meeting in secret and modernize its corporate governance, lawmakers demanded Wednesday. The call for a sweeping overhaul of the State Compensation Insurance Fund, which is currently the target of a criminal investigation, came at a hearing of the state Senate's Banking, Finance and Insurance Committee.
January 22, 1999 |
Developers of the Los Angeles area's first speculative high-rise office in nearly a decade have signed their first tenant, just weeks before the building is completed. State Compensation Insurance Fund will relocate from Warner Center to 125,000 square feet of offices at Glendale Plaza, which rises 24 stories above the Ventura Freeway in downtown Glendale. The 10-year lease for nearly one-fourth of the building's rentable office space is valued by industry sources at more than $40 million.
December 30, 2009 |
A plan to fill last summer's $20-billion budget hole in part by selling a chunk of the state-run workers' compensation company is now so bollixed up in court that it's hampering Gov. Arnold Schwarzenegger's effort to devise new ways for reducing a similar deficit this winter. Last summer, the governor convinced state lawmakers that he could raise $1 billion by getting investors to buy some of the business of the century-old State Compensation Insurance Fund. That idea was one of a handful of creative solutions and accounting maneuvers concocted to balance the $90-billion, recession-wracked spending plan, at least on paper.