WorkersCompensation.com's CompNewsNetwork: State Fund Earns An "A" For Audits

State Fund Earns An "A" For Audits
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compnewsnetwork on 03 November, 2009 11:45:00
 
Oakland, CA - California State Compensation Insurance Fund was recently awarded
the equivalent of an “A” grade by the Workers’ Compensation Insurance
Rating Bureau (WCIRB).
All workers compensation insurance carriers undergo test audits by the WCIRB to
verify the accuracy of year-end policy audits. The frequency of these test
audits can be increased when a carrier’s results are poor.  The WCIRB may
also assess penalties when it finds a higher-than-expected error ratio
resulting from discrepancies between its test audits and the insurer’s
audits. In State Fund’s case, the audits averaged an error ratio so low the
WCIRB awarded State Fund a two-year exemption from its test audit program.
Quality policy audits ensure that experience modifications are calculated
accurately and on time. State Fund has committed significant resources to
ensure that the audit function is highly accurate and in compliance with
industry regulations. The recent exceptional test score underscores the
professionalism of their audit staff.
Outstanding audit performance is just one of the many ways that State Fund
continues to provide quality workers’ compensation coverage for California
businesses.
Source: State Compensation Insurance Fund