Senate Passes State Fund Investment Bill

The California Senate unanimously approved a bill that would extend a provision giving State Compensation Insurance Fund additional discretion with its investment portfolio. The Senate voted 38-0 on Thursday to pass Senate Bill 713, by Sen. Susan Rubio, D-Baldwin Park. The bill would extend until 2027 statutory language that allows the state-chartered carrier to invest up to 20% of the money it holds in excess of liabilities and reserves in stocks of certain corporations and mortgage-related investment instruments. The authorization is currently set to expire Jan. 1, 2025. SB 713 would also...