Posted On: May 7, 2008, 2:45 pm CDT

Posted By: Bom Bastic

I think only a company not quite right in the head would want to purchase SCIF. The retirement plan is unfunded (public entities don't need to account for it), the employees are state "workers" and union. The structure is a mess and it would take hundreds of millions of dollars after the purchase, to make it into a real insurance company. I think the state should mandate that SCIF set up a 5 year plan to slowly reduce premium until it is no more. (Or simply become a market of last resort with very high rates and no flexibility to reduce them. This would give the market time to adjust and stop the headaches the state now has with this monstrocity.