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News in Brief.
(From Insurance Day)
SCIF audit 'clean'
CALIFORNIA's State Compensation Insurance Fund (SCIF) has received a "clean opinion" on an audit of its 2003 financial statement by KPMG. It said the audit validates the workers' compensation carrier's improved financial condition and the adequacy of its reserves to meet obligations to policyholders and injured workers. State Fund president Dianne Oki said that the review proved that "State Fund is solvent, financially viable and able to meet all obligations to our policyholders and their injured workers". The 2003 balance sheet reported a policyholders' surplus of $2.1bn, while earned premium reached $7.633bn. …
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