State Funds Reserves Worry Garamendi The loss reserves of the California State Compensation Insurance Fund could be as much as $800 million short, Californias Insurance Commissioner John Garamendi implied last week, citing the existence of an estimate determined by the State Funds auditor.
Mr. Garamendi spoke to National Underwriter about the reserving issue in the wake of a lawsuit filed against him and his department by the San Francisco-based State Fund.
In a statement announcing the suit, filed in state Superior Court in San Francisco on May 27, the Fund said its complaint seeks to “clarify [the commisioner] and CDI's authority as well as to determine the applicability of risk-based capital statutes to State Fund.”
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