Media Statement: Mainstay Business Solutions
November 29, 2011
The California Self-Insurers’ Security Fund (“Security Fund”) issued the following statement today (November 29, 2011) in response to media inquiries about litigation filed by the Security Fund regarding Mainstay Business Solutions. On November 23, 2011, the Security Fund filed an amended lawsuit in the Sacramento Superior Court against Mainstay Business Solutions, the Blue Lake Rancheria tribe, and certain individuals associated with same...
Webinar Overview: Alternative Security Program Powerpoint 2011
November 16, 2011
To view the PowerPoint from our November 15th Webinar presentation, please click below:
Default of the Contractors Access Program of California (CAP)
November 18, 2010
MEDIA STATEMENT
The California Self-Insurers’ Security Fund (The Fund) issued this statement today (Nov. 18, 2010) in response to media inquiries about the recent default of the Contractors Access Program of California (CAP), a self-insured group that is a member of the Fund. Please attribute this statement to Jeff Pettegrew, the Fund’s Executive Director.
The Fund has been closely monitoring the situation with the Contractors Access Program of California (CAP) self-insurance group since this past May, when Bickmore Risk Services & Consulting (BRS) was first appointed by the California Department of Industrial Relations as the Conservator to manage CAP’s financial affairs and to conserve, or liquidate, the group as appropriate.
Among other things, the default means that the Self-Insurers’ Security Fund is now responsible to insure the timely payment of workers’ compensation benefits to the injured workers covered by the group. Given its ongoing involvement, the Fund is fully prepared to assume responsibility for CAP’s workers compensation claims and to insure the continuity of benefits to those injured workers.
Despite our solid financial footing, we regard CAP’s default with the utmost seriousness. We are aware of the role of CRM/Majestic in the administration of the group. The resulting situation raises numerous complex legal issues, along with public policy questions about the future of group self-insurance in California. In the coming days and months, the Fund will be exploring the full range of options available to it, with respect to the group, its membership and third parties.
It would be inappropriate for the Fund to provide any additional detail given the highly sensitive and fluid nature of this matter. Accordingly, we defer requests for additional information or comment on CAP’s default to the California Department of Industrial Relations, Office of Self-Insurance Plans, or to BRS.
Media Contact: Stevan Allen (916) 448-1336 or stevan@allenstrategic.com
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Established in 1984 by the California State Legislature, the Self-Insurers’ Security Fund (referred to simply as the Fund) is a non-profit organization responsible for managing the collective liabilities of workers comp claims arising when former self-insured private companies operating in California become insolvent. The Legislature created the Fund in order to ensure the continuity of workers compensation benefits of self-insured companies that have defaulted on their worker comp obligations – usually due to bankruptcy. The Security Fund oversees nearly $6.5 billion in open private-sector workers compensation claim liabilities associated with its more than 500 individual member companies and more than 25 self-insured groups. Its stated mission is to: “To provide continuity of workers’ compensation benefits to injured workers of insolvent, private self-insured companies at the lowest overall long-term cost, equitably distributed to the self-insurance community.” For more information, please visit www.securityfund.org
Webinar Overview: Alternative Security Program Powerpoint 2010
November 10, 2010
To view the PowerPoint from our November 10th Webinar presentation, please click below:
Alternative Security Program PowerPoint
Media Statement: Contractors Access Program of California
May 03, 2010
The California Self-Insurers’ Security Fund (The Fund) issued the following statement today (May 3, 2010) in response to media inquiries about the state’s announcement it has appointed a conservator to manage the Contractors Access Program of California (CAPC), a self-insured group that is a member of the Fund. This statement should be attributed to Jeff Pettegrew, Executive Director of the Fund.
Newsroom Introduction
November 13, 2009
As a regulated entity, it is important for the Security Fund to communicate with its member companies, the State of California and the workers compensation industry. One way we do this is through the media, especially the trade press that covers the workers compensation industry.
If you are a member of the media and need information, please contact our communications representative, Stevan Allen at (916) 448-1336 or (916) 718-2999.