In a scathing report released this week, California Department of Insurance Commissioner Steve Poizner slammed the state’s workers’ compensation fund — known as State Fund — stating that the organization contained “serious structural and operational issues.”

Created by the California Legislature in 1914, State Fund describes itself as “a nonprofit, self-supporting, fairly competitive public enterprise that guarantees a permanent workers’ compensation insurance marketplace for California employers.” It has approximately 220,000 policyholders.

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