State Funds Reserves Worry Garamendi The lossreserves of the California State Compensation Insurance Fund couldbe as much as $800 million short, Californias InsuranceCommissioner John Garamendi implied last week, citing the existenceof an estimate determined by the State Funds auditor.
Mr. Garamendi spoke to National Underwriter about thereserving issue in the wake of a lawsuit filed against him and hisdepartment by the San Francisco-based State Fund.
In a statement announcing the suit, filed in state SuperiorCourt in San Francisco on May 27, the Fund said its complaint seeksto “clarify [the commisioner] and CDI's authority as well as todetermine the applicability of risk-based capital statutes to StateFund.”
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