SCIF Fires PwC After Reserve Clash
Californias State Compensation Insurance Fund after a $1 billion difference of opinion over reserve requirements made a "business decision" to dismiss PricewaterhouseCoopers, its auditing firm, a fund spokesman said.
"On Oct. 1 State Fund informed PwC that it was not going to renew its contract and it also informed the CDI [California Department of Insurance] of the decision," spokesman Jim Zelinski told National Underwriter. "This amounts to simply a business decision. State Fund, like all businesses, periodically reviews its contracts and relationships with vendors and decided it would solicit other firms."
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