State Compensation Insurance Fund President Oki Announces Retirement

February 5, 2005

State Compensation Insurance Fund announced that after three years of leading California’s largest workers’ compensation insurer, Fund President Dianne Oki will retire in the coming month after a 37-year career at State Fund.

“I am extremely proud of what State Fund accomplished during my tenure,” said Oki, “especially the way we managed the dramatic changes in our industry over the last few years. In an incredibly short period of time, the workers’ compensation market underwent a significant shakeout and consolidation, making State Fund the largest insurer in the state, with a market share of more than 50 percent. Our industry also saw major legislative and regulatory change during that period. I am also pleased to bring my career to a close assured that State Fund is financially sound with solid reserves and surplus that has doubled within the last two years.

“It has been a significant challenge but a fulfilling career opportunity. The impending implementation of the landmark reform legislation passed by the Legislature and signed into law by Governor Schwarzenegger last year provides me with an opportunity to pass the reins to a new leader of the Fund, as it begins another significant and lengthy period of change,” Oki said.

“The Board is very grateful for Dianne’s leadership of the Fund through what has been a tumultuous period in the workers’ compensation market,” said State Compensation Insurance Fund Board Chair Jeanne Cain. “We appreciate her hard work during her tenure at the Fund. As the Fund prepares for the next phase in California’s workers’ compensation industry, we will build upon those efforts and continue to strive to provide strong customer service and cost- effective insurance to California’s workers and employers alike.”

Cain announced that the Fund has hired a nationally-recognized consultant to lead a nationwide search for a new State Fund president. Neal Conolly, of CP Associates, will also conduct a review of the Fund’s operations, in order to provide the Board and the new president with recommendations for the Fund’s future direction.

“Neal is a well-known expert in the workers’ compensation industry,” said Cain, “having led the revitalization and re-engineering of the State Fund of New York (NYSIF) from 1997 to 2001 and having more recently been the acting CEO of a national P/C carrier, Frontier Insurance Company in rehabilitation. In addition to leading the national search for new president, Neal will conduct an extensive review of the Fund’s operations, searching for efficiencies and other opportunities for improvement, as California’s workers’ compensation market begins to implement the recently passed reforms and add capacity and choice for the California business community. The Governor’s reforms will permit the Fund to return to its traditional role as a solvent, stable and low cost provider of Workers’ Compensation insurance for business in California.”

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