How Self-Insured Groups Benefit Local Communities
Loss reduction may be a primary benefit of forming a self-insured group (SIG), but the advantages don’t stop there. See how SIGs can provide tremendous opportunities to boost local economies.
California workers comp fraud efforts likely paying off: Bureau
Efforts to identify and prosecute provider fraud in the California workers compensation system is likely having an impact in both reducing such payments and lowering their associated costs, according to a new report. As of April 7, more than 450 medical providers had been indicted and/or suspended by the California Department of Industrial Relations from practicing in the state’s system.
California Insurance Commissioner OKs Workers’ Comp Rating Bureau Filing
California Insurance Commissioner Dave Jones has approved a filing from the Workers’ Compensation Insurance Rating Bureau’s that makes amendments to uniform statistical reporting and experience rating. The WCIRB submitted a regulatory filing and ensuing amendments to the filing in Aug. 1 which was followed by a public hearing was held on Aug. 3.
Report: California Self-Insured Workers’ Comp Claim Frequency Rose Last Year
Workers’ compensation claim frequency reported by California’s private self-insured employers rose last year, the first increase in a decade, according to the California Workers’ Compensation Institute.
Supreme Court Hears Utilization Review Case
California’s Supreme Court justices are tasked with deciding whether utilization review physicians can be sued for the decisions they make or if workers' compensation’s exclusive remedy covers such disputes. What were the key issues that came out during oral arguments? Get the story here.
Berkshire Hathaway Group Makes History
California’s workers' comp market share totals are in and the results are historic. Who are the big players in the state? Who is pulling back? Find out here
CA-SIG History
In May of 2005, California Self-Insured Groups and Affiliates were invited to participate in the formation of CA-SIG, California Alliance of Self-Insured Groups.
History of Self-Insured Groups
In 1994, the California Legislature authorized groups of private employers to form Group Self-Insurance programs for their workers' compensation liabilities. Because open rating was also allowed 1995, causing rates to decline to historic lows over the next few years, employers did not begin to take advantage of this money saving opportunity until 2002, when the first group workers' compensation program was approved.
Frequently Asked Questions
California has one of the largest workers' compensation self insurance programs in the nation. As of January 1, 2011, a total of 7466 California employers were actively self insured. Rather than purchase insurance, these employers choose to self insure their workers' compensation liabilities to cover their employees for reasons of cost effectiveness, greater control over their claims programs, and increased safety and loss control management.
What's a SIG – Self Insured Group?
In discussing the world of Workers' Compensation in California, we see it is a very big place, filled with all kinds of ways to insure (or self-insure) employees' work related injuries. Included in this plethora of options is a very useful tool to have in your arsenal; that of the Self-Insured Group or "SIG."
What is SIG 2.0
In delving deeper into why SIGs and self-insurance can be good for an employer, it's important to note that this method of obtaining and providing workers' compensation coverage to one's employees is not for smaller companies or the faint of heart.