On Dec. 13, Judge Paul Alvarado issued a tentative ruling affirming that the State Compensation Insurance Fund (State Fund) is subject to the Department of Insurance’s authority under the state’s Risk Based Capital (RBC) statute. In May 2003, State Fund sued the Department in San Francisco Superior Court, contending that it was not subject to RBC laws. The ruling ensures that the Department can continue to scrutinize and regulate State Fund’s financial condition and operations. “The Department’s authority to regulate State Fund under the RBC statute is critical to maintaining a healthy and effective State Fund,” said Garamendi.
Topics Legislation
Was this article valuable?
Here are more articles you may enjoy.
‘Most Successful’ Hole-in-One Prize Insurance Operator Pleads Guilty to Fraud 
Florida’s Commercial Clearinghouse Plan Hits a Snag, With OIR and Board Concerns 
Florida OIR Approves Four More HO Rate Cuts as Citizens Keeps Shrinking 
Insurance Regulators Defend State-Led Model in Reply to Warren From This Issue
