SCIF meaning in Business ?

tuteeHUB earn credit +10 pts

Answer:

What is State Compensation Insurance Fund mean?

The State Compensation Insurance Fund (State Fund) is a workers' compensation insurer that was created as a "public enterprise fund" by the U.S. state of California, and today has partial autonomy from the rest of the state government. It is required by state law to maintain its headquarters in San Francisco, but has regional offices all over the state.

State Fund was created by the Boynton Act of 1913, and it started operations in 1914. Around that same time, the voters amended the California Constitution by initiative to strengthen the constitutionality of the state workers' compensation system. This was necessary because American employers during the early 20th century often challenged mandatory workers' compensation statutes as an unconstitutional invasion of freedom of contract, an argument which had strong persuasive force during the Lochner era. Since 1976, State Fund's constitutional basis has been found in Article 14, Section 4 of the state constitution:

The Legislature is hereby expressly vested with plenary power, unlimited by any provision of this Constitution, to create, and enforce a complete system of workers' compensation...including the establishment and management of a state compensation insurance fund...

In May 2014, State Fund reported 2013 assets of approximately $20 billion and a workforce of more than 4,000 people (the number varies based on State Fund's current percentage of the market). In 2013, State Fund’s market share was the largest in the state at nearly 11%. Its market share spiked to over 50 percent in years 2002–2004 when a large number of private carriers left the market. In keeping with its mission, State Fund has an open-door policy, writing insurance for California businesses that need workers' compensation insurance. State Fund insures approximately 130,000 policyholders in California. State Fund also serves as a third-party administrator, adjusting claims for almost all of the state agencies.

California is one of 21 states with a competitive state fund in the workers' compensation insurance market.

In 2010, State Fund implemented a plan to redesign operations and reduce costs for California employers. In 2013, State Fund announced that it reduced annual fixed expenses by $300 million. These savings will help State Fund maintain fair pricing and bring greater value to more California employers.

reference
Full Form Category
Sustainable Campus Initiative Fund Academic & Science
State Compensation Insurance Fund Business
The Standardout Community And Information Facility Community
Strategic Community Investment Fund Community
Small Community Incentive Fund Community
Santa Cruz Improv Festival Community
Safari Club International Foundation Community
Single Console Image Facility General
Secure Compartmented Information Facility General
Shell Crustal Imaging Facility General
Sensitive Compartmented Information Facilities General
Stem Cell Instrumentation Foundry General
Sensitive Compartmentalized Information Facility General
Sensitive Compartmented Information Facility Governmental
Secure Compartmented Intelligence Facility Governmental

Report

Posted on 25 Oct 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

Take Quiz To Earn Credits!

Turn Your Knowledge into Earnings.

tuteehub_quiz

Write Your Comments or Explanations to Help Others



webstory list tuteehub
Miscellaneous in Business
webstory list tuteehub
MBA HRM Mcqs in Business
webstory list tuteehub
MBA Finance Mcqs in Business
webstory list tuteehub
Startup Funding
webstory list tuteehub
Career Switching
webstory list tuteehub
Accounting in Business
webstory list tuteehub
Miscellaneous in Business


Ever curious about what that abbreviation stands for? fullforms has got them all listed out for you to explore. Simply,Choose a subject/topic and get started on a self-paced learning journey in a world of fullforms.

open app imageOPEN APP