Treasurer's Office Fails to Ensure Appropriate Payments to State Funds, Audit Report Reveals

Three years after a state agency recommended that the Office of the State Treasurer begin ensuring that it's paying the appropriate amounts for claims to the Injured Workers' Insurance Fund, the office has not made those changes, according to a July audit report from the Office of Legislative Audits. The audit, which covered July 2009 through August 2012, revealed that the treasurer's office paid $268.5 million, including administrative costs, to IWIF during that period. Since then, IWIF has become a private entity named the Chesapeake Employers' Insurance Co. However, IWIF st...