California Manufacturers & Technology Association Forms Group Workers’ Compensation Insurance Program With State Fund
Officials for the California Manufacturers & Technology Association on Wednesday announced that the group has formed a partnership with the State Compensation Insurance Fund to create a group workers' compensation insurance program that could result in a 6% reduction in premiums, the Sacramento Bee reports. The discount would be in addition to any rate reductions that members receive from several workers' compensation reform measures lawmakers passed last year and the workers' compensation law (SB 899) enacted earlier this year, Martha Pearson, president of the CMTA Service Corporation, said.
The State Fund, which provides workers' compensation insurance to more than half of California employers, has reduced workers' compensation premiums by an average of 9.7% this year because of the reforms. About 30% of CMTA's 450 members are eligible for the new group rates, and most already have policies with the State Fund.
"We see this as a huge opportunity for lots of small and medium-size manufacturers," Pearson said (Chan, Sacramento Bee, 8/5).