Arizona Privatizing State Compensation Fund

Arizona has privatized its state compensation fund according to a bill signed into law by Governor Jan Brewer. The SCF now becomes a mutual insurance company effective January 2013.

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Officials say privatization permits SCF to provide stable rates and broaden its services For example, SCF is now able to expand into other state, an action prohibited before.

SCF, providing workers’ compensation coverage to 40,000 Arizona businesses, mandates employers to provide work comp coverage for employees injured on the job.

The Phoenix-based entity employs 500 people. SCF pays premiums and property taxes, but has not requested state money since receiving legislative startup funds when formed in 1925. SCF repaid that loan by 1938, two years prior to its due date, and has been self-sufficient ever since.

With $191.8 million in direct premiums written in 2009, SCF Arizona is the largest workers’ comp carrier operating in the state.

Author Robert Elliott, executive vice president, Amaxx Risks Solutions, Inc. has worked successfully for 20 years with many industries to reduce Workers’ Compensation costs, including airlines, healthcare, manufacturing, printing/publishing, pharmaceuticals, retail, hospitality and manufacturing. He can be contacted at: Robert_Elliott@ ReduceYourWorkersComp.com or 860-553-6604.

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WC Calculator: http://www.reduceyourworkerscomp.com/calculator.phpDo not use this information without independent verification. All state laws vary. You should consult with your insurance broker or agent about workers’ comp issues.