We are comfortable with this bill. We should have this expectation of our plan even without a legal requirement, The legislation arises out of plans that include assets such as owned real property into their solvency report. This is problematic as the value of these assets cannot be readily used to pay large claims. We do not do this as Work Comp does own real property or significant business equipment. I think the legislation is great in terms of making sure self-insured plans are financially sound.
Sent to Senator Sands today:
ReplyDeleteWe are comfortable with this bill. We should have this expectation of our plan even without a legal requirement, The legislation arises out of plans that include assets such as owned real property into their solvency report. This is problematic as the value of these assets cannot be readily used to pay large claims. We do not do this as Work Comp does own real property or significant business equipment. I think the legislation is great in terms of making sure self-insured plans are financially sound.