SCIF May Use Alternate Rating Plan if Prior Carrier Insolvent

Board members of IBA West, a trade group of California based insurance brokers and agents, were told last week that State Compensation Insurance Fund (SCIF) will be using the new WCIRB Insurance Insurer Rating Adjustment Plan (IIRAP) in conjunction with an insured's actual losses to create a ratio to use in place of an experience modification factor where the prior carrier has gone insolvent and there is no historical loss data on which to base an ex-mod.Matthew Kelleher, group sales manager for SCIF, explained that due to the rash of insolvencies over the past few years, actual loss experienc...