NU Online News Service, May 22, 10:20 a.m. EDT--An independent banks self-insurance group being formed in California said it expects to realize savings of 20 to 30 percent on workers' compensation costs.
Creation of the Independent Banks Self-Insurance Group, or IB-SIG, follows the lead of other groups in the state which have formed SIGs. Those include public entities, two auto groups, and a group of private schools, Kim Santin, executive director with Bickmore Risk Services, administrator of the bank SIG, told National Underwriter.
"Workers' compensation costs are one of our highest priorities to decrease expenses at our bank," Mark Day of NVB Business Bank of Woodland said in a statement. The formation of a bank self-insurance group, he said, "makes sense not only to control costs, but also to take even greater advantage of the recent state workers' compensation reforms."
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