OSIP announces the release of the new Actuarial Summary form
The Office of Self Insurance Plans (OSIP) has released the new Actuarial Summary form and has posted it on its website. Under newly enacted requirements of SB 863, every private and group self-insured employer must complete and file an actuarial study and actuarial summary form each year not later than May 1, beginning this year. Government entities and Joint Power Authorities do not need to file an actuarial study or the summary form.
Both the study and summary form must be prepared and submitted by an independent actuary with current experience making California workers' compensation actuarial projections, and who shall have a designation of Fellow of the Casualty Actuarial Society (FCAS), or be a member of the American Academy of Actuaries (MAAA), or a member of the Society of Actuaries who is qualified to sign a statement of actuarial opinion on loss reserves. The qualified actuary or his/her employing actuarial firm must maintain a minimum of $1 million of professional liability and errors and omissions insurance coverage.
The actuarial summary form is a fill and print .pdf format located under ‘quick links’ on the right side of the OSIP website.
California currently has 7,952 employers protecting more than 4 million workers representing a total payroll of $173 billion through self-insurance workers’ compensation plans. One of every four California workers is protected by a self-insurance plan.
Self-insured employers in California represent large and midsized private companies, industry groups, and public entities such as city, county, state and school districts.
More information on California’s workers’ compensation self-insurance program is available on OSIP’s website.
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