State Fund Mired In Actuarial, Legal Issues
Amidst squabbling by auditors over the strength of its reserves, a listing State Compensation Insurance Fund will soon be given new directives by the California insurance commissioner to help keep it afloat until an overhaul of the workers compensation system is complete.
State Funds auditors, PricewaterhouseCoopers, and its appointed actuary, Milliman USA, disagree on the amount of reserves needed by the State Fund, with PwC claiming the reserves are short by $1 billion. The DOI said its own findings are similar to those of PwC.
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