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CUSIG Granted Approval by DIR

SACRAMENTO, Calif. - Finally some good news for California credit unions looking for options to deal with the growing workers compensation crisis here. The Department of Industrial Relations has approved the Credit Union Self-Insurance Group's status as a self-insurance group. Effective February 1, credit unions with a minimum of $500...

By Staff Writer | Updated on February 10, 2004

SACRAMENTO, Calif. – Finally some good news for California credit unions looking for options to deal with the growing workers compensation crisis here. The Department of Industrial Relations has approved the Credit Union Self-Insurance Group’s status as a self-insurance group. Effective February 1, credit unions with a minimum of $500 million in assets, $5 million in payroll and an experience modification rating of less than 1.02 can apply to be part of the self-insurance group. Qualifying California credit unions interested in participating should contact CUSIG Chairman/Patelco CU Human Resources Vice President Ed Cassady for more information on the application process. In an effort to reduce workers’ compensation costs CUSIG will pool its resources to insure each member’s exposure rather than purchase insurance. Claims would be paid from the pool of premiums with members controlling the operation of the group. It is estimated that credit unions can experience up to a 60% decrease in premiums by 2005. According to the Workers’ Compensation Insurance Rating Bureau, workers’ compensation rates in California are twice the national average.

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