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SCIF Rejects OC Register Suggestion to "Privatize"

16 Jan, 2020 WorkersCompensation.com

                               

Sacramento, CA - The Los Angeles Times recently published a scathing article about claims of excessive executive salaries and nepotism at the State Fund. The Orange County Register response to this report was "Maybe it’s time give the State Fund its wish and privatize it."

In a response to this suggestion, Jonathon Tudor, senior vice president of communications at State Compensation Insurance Fund, sent the Orange County Register the following reply:

The editorial board recently stated their belief that the State Compensation Insurance Fund (State Fund) "really wants to be private." This is not the case.

Our current structure as a quasi-governmental entity, while unusual, fits perfectly with our role - to provide workers’ compensation insurance to any California employer who needs it at no cost to California taxpayers.

Many employers, including many start-ups and those in high-risk industries, are unable to get the coverage they need - and are required to have by law - in the private market.

State Fund ensures these businesses can operate and by doing so supports job growth, entrepreneurship and economic expansion.

We recently announced a $160 million dividend for the 2019 policy year and we have the financial strength to fulfill our role during any economic environment.

We are also continuing to improve the value we deliver to policyholders by providing more advanced technology and a better customer experience. In our current form we have been protecting California businesses and injured workers for over 100 years and we have no plans to change course.

Source: WorkCompAcademy.com

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