The following is a statement issued by Sam Sorich, president of the Association of California Insurance Companies (ACIC).
“The Association of California Insurance Companies commends the Legislature and Governor Schwarzenegger for reaching a resolution on the critical and complex issue of workers’ compensation reform.
“Our association is now analyzing the numerous provisions of this extensive package of reforms. Many of the concepts have promise for establishing greater objectivity, predictability and cost reductions. However, it also should be noted that some elements in the bill could potentially increase costs.
“However, we are hopeful that the overall effect of the legislation will be a reduction of workers’ compensation costs. The final result of the reforms and their impact on costs will be determined in large part by how the provisions are interpreted and implemented.
“As in the past, the Association of California Insurance Companies stands ready to assist in any way it can in accomplishing the spirit of the legislation to significantly reduce costs in the system while continuing to provide care for injured workers.”
Was this article valuable?
Here are more articles you may enjoy.
World’s Largest Retirement Community Set to Borrow $180 Million for More Homes 
Travelers Reports Solid Underwriting, Record Investment Income for Q3 
Viewpoint: Beware These Commercial Auto Endorsements! 
Fisherman Killed by 12-Foot Alligator at Central Florida Lake 
