The California Private Schools Workers’ Compensation Self-Insurance Group, Inc., a self-insurance group for private schools, has been granted tax-exempt status by the California Franchise Tax Board.
Rather than paying taxes on net income, the group will retain its earnings, which may be utilized to buy down future premiums or could be returned to members as a dividend.
CAPS-SIG started operations in December of 2004. Since that time the group has grown to provide workers’ compensation coverage to 13 nonprofit schools throughout the state.
“This is just one more area that the self-insurance group has an advantage over guaranteed cost insurance,” claimed Dr. Michael Beever, chair of CAPS-SIG and Consultant to Valley Christian Schools.
He said that the groups reduced its rates by an average of 20 percent last year, and still managed retained earnings of nearly 15 percent.
Membership is open to private schools throughout the state that meet the group’s established underwriting guidelines.
For more information on CAPS-SIG, visit www.capssig.org.
Source: California Private Schools Workers’ Compensation Self-Insurance Group, Inc.
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