Legislation aimed at bringing more workers' compensation insurers into California has been approved by the legislature and sent to Governor Arnold Schwarzenegger.
Authored by state Senator Leland Yee, D-San Francisco, the legislation would remove workers' compensation from the list of coverages for which insurers must maintain minimum reserves for outstanding losses and loss expenses.
Supporters of SB 316, including the Association of California Insurance Companies, have argued that the reserve requirement has been surpassed by more recent tools to ensure an insurer's solvency.
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
Already have an account? Sign In Now
© 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.
