SCIF President Says WC in Financial Crisis

Outgoing State Compensation Insurance Fund president, Ken Bollier, was quoted in the 10/01 issue of Insurance Day as stating that workers' compensation in California is in the worst financial crisis since the Great Depression.Citing the fact that many carriers have in recent times become insolvent or placed under regulatory supervision, and that other carriers have simply withdrawn from the market, SCIF place in the market to provide "last resort" coverage as a consequence has provoked a doubling in the Fund's premium to $3.6 billion, and another significant growth spurt this year.Because of ...