NU Online News Service, Aug. 28, 10:50 a.m. EDT

California's insurance commissioner said he plans to sue the state over its move to sell $1 billion in assets of the State Compensation Insurance Fund, which is intended to balance the state's budget.

In a statement, Commissioner Steve Poizner said he would file a lawsuit seeking to declare the sale unconstitutional. Such a move, he said, could lead to skyrocketing workers' compensation insurance costs for California's construction firms, agricultural industry and other small businesses.

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
NOT FOR REPRINT

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