Commissioner Draws the Line for SCIF By Robert Warne - July 23, 2003
California Insurance Commissioner John Garamendi, July 22, put State Fund on notice that within seven days, he’ll submit a plan to bring the Fund’s reserves in check.
The commissioner’s statement came after PricewaterhouseCoopers bolstered the Department of Insurance’s (DOI) position that State Fund’s reserves are short by $1 billion and that the carrier has breached the mandatory control level.
Yesterday’s opinions perpetuate the disagreement over how the DOI and State Fund interpret the figures.
State Fund and its independent actuarial firm, Milliman USA, disagree with PricewaterhouseCoopers’ findings and believe its reserves are more than adequate.
In his statement, the commissioner said that he would direct his Department to work cooperatively with State Fund to construct a plan that addresses its immediate problems.
Adjuster / Examiner Claims Examiner Santa Ana Unified School District Santa Ana, CA
__May11th2017.gif)
.gif)