Recent changes in the state of California have prompted us to issue a year-end special blog to all RiskMangementBlog.com subscribers. This information is critical to brokers and their clients that work in or have operations in the state of California.
Effective January 1, 2013, actuarial reports will be a required component of each private self-insurer and group self-insurer’s required annual report, and will also be the basis for calculation of the required security deposit. This is a significant change from prior practice in the state of California. Many other states have implemented similar requirements and regulations related to self-insured workers compensation. The requirements being implemented by the Office of Self-Insurance Plans in California are very specific. A two page PDF document providing key details related to the actuarial analysis required can be viewed at www.SIGMAactuary.com/CArequirements.pdf
SIGMA Actuarial Consulting Group, Inc.(SIGMA) provides actuarial services to governmental entities, associations, self-insureds and commercial insureds (in a wide variety of health, retail, service and manufacturing industries) throughout the country. SIGMA has provided similar actuarial services for private self-insurers of workers compensation in other states with similar requirements. SIGMA is dedicated to offering professional services to its clients and prides itself in the method used to communicate the results of the analysis. We are known for providing an easy to read and understandable analysis free of actuarial jargon. The findings are presented in such a way that individuals not necessarily familiar with actuarial principles and procedures can follow and reasonably understand how the calculations are made and the implications of the results. The analyses of loss data are objective and reference the most recently available insurance industry statistics when necessary and appropriate.
You may also find our booklet “An Actuarial Advantage: Maximizing the Benefit of an Actuarial Analysis” a helpful resource in understanding or explaining to others the specifics of an actuarial analysis. The booklet is available for download in our resource portal at www.SIGMAactuary.com/resources.
If you have any questions about the attached information or the new California self-insurance requirements please contact SIGMA at 615-376-5110 (x211 for Jeff Adcock, FCAS).
© 2012 SIGMA Actuarial Consulting Group, Inc.