An audit released today of California's state-created workers' compensation insurer has described an inefficient, costly operation and past board members with conflicts of interest.

The findings announced by California's Department of Insurance concerned the State Compensation Insurance Fund, and revealed what Insurance Commissioner Steve Poizner referred to as "serious structural and operational issues."

The audit revealed "what we expected," Mr. Poizner said of the problems. "Fortunately, we have identified important issues, communicated our recommendations, and we expect that the State Fund will continue to work to make necessary reforms," he added.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.