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State Fund is California's largest provider of workers' compensation insurance and a vital asset to California businesses. State Fund supports California's entrepreneurial spirit and plays a stabilizing role in the economy by providing fairly priced workers' compensation insurance making California workplaces safe, and restoring injured workers.



 

State Fund 2016 Annual Report Available Online

March 30, 2017


State Compensation Insurance Fund’s 2016 Annual Report is now available online. The report shows a net income of $192 million in 2016. Other important financial highlights include:

“Last year marked another year of healthy competition in the California workers’ compensation market,” stated Vern Steiner, State Fund President & CEO. “We were pleased to introduce a rate filing that included an overall decrease in collectable premium of 9.5 percent as well as an expanded pricing model, which further enhances pricing accuracy and makes our rates more stable year over year.”

Other accomplishments include transitioning to an outcomes-based Medical Provider Network (MPN). Called the State Fund MPN by Harbor Health, this network of physicians utilize evidence based medicine to provide more consistent quality care to injured workers.

In 2016, State Fund reached successful resolutions with most of the defendants in two Racketeering Influenced and Corrupt Organizations Act (RICO) suits filed in 2013 (the few outstanding plaintiffs were successfully resolved in the first quarter of 2017). The purpose of the suits was to expose and prosecute a complex fraud scheme that was being perpetrated by a number of medical vendors in the California workers’ compensation system. State Fund took on this monumental legal battle that spanned both federal and state civil courts to expose this fraud to the light of day and bring greater awareness to the magnitude of medical fraud within the system so that more can be done to protect injured workers and policyholders.

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Established in 1914, by the state legislature, State Fund has operated for more than 100 years, is California’s largest provider of workers’ compensation insurance, and a vital asset to California businesses. State Fund supports California’s entrepreneurial spirit and plays a stabilizing role in the economy by providing fairly priced workers’ compensation insurance, making California workplaces safe, and restoring injured workers.

 

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