Report On State Compensation Insurance Fund Released
Wednesday, Apr 07,2010, 7:31:56 PM Click:
California Insurance Commissioner Steve Poizner today released the results of a review of California's State Compensation Insurance Fund, the state's largest workers' compensation provider.
"Our thorough, top-down review of the State Fund revealed what we expected serious structural and operational issues," said Commissioner Poizner.
Concerns about SCIF's structural and organizational problems include the finding that its board of directors lacks sufficient resources to provide the oversight necessary for an insurer of its size and complexity. Moreover, two past board members were found to have potential conflicts of interest. Also, management structure was found to be inadequate and lacking in several key positions. Lastly, there are concerns about lack of controls over material expenditures and IT systems.
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