State IDs Residual Market to Finalize WCF Privatization

The residual market in Utah will consist of employers that have been turned down by at least two other carriers when the Department of Insurance starts seeking bids for a carrier of last resort, the last step in the privatization of the Workers’ Compensation Fund. Gov. Gary Herbert last year signed Senate Bill 92, repealing statutes that defined WCF as a quasi-public, nonprofit corporation. The carrier that was created in 1917 converted to a mutual at the start of 2018 and changed its name to WCF Mutual Insurance Co. WCF Mutual agreed to continue serving as the carrier of last reso...