American Association of State Compensation insurance Fund
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member fund.

CopperPoint Mutual Insurance Company
Phone: (602) 631-2000
Address: 3030 North Third Street
Phoenix, AZ   85012

State Compensation Insurance Fund
Address: 333 Bush Street
Suite 800
San Francisco, CA   94104

Pinnacol Assurance
Phone: (303) 361-4000
Address: 7501 East Lowry Boulevard
Suite 800
Denver, CO   80230-7006

Hawaii Employers' Mutual Insurance Co. Inc.
Phone: (808) 524-3642
Address: 1100 Alakea Street
Suite 1400
Honolulu, HI   96813

Idaho State Insurance Fund
Phone: (208) 332-2100
Address: 1215 West State Street
P.O. Box 83720
Boise, ID   83720-0044

Kentucky Employers Mutual Insurance
Phone: (859) 425-7800
Address: 250 West Main Street Suite 900
P.O. Box 83720
Lexington, KY   40507-1724

Louisiana Workers' Compensation Corporation
Phone: (225) 924-7788
Address: 2237 South Acadian Thruway
P.O. Box 83720
Baton Rouge, LA   70808

Maine Employers Mutual Insurance Company (MEMIC)
Phone: (207) 791-3300
Address: 261 Commercial Street
P.O. Box 11409
Portland, ME   04104

Chesapeake Employers’ Insurance Company
Phone: (410) 494-2000
Address: 8722 Loch Raven Boulevard
P.O. Box 11409
Towson, MD   21286-2235

SFM Mutual Insurance Company
Phone: (952) 838-4200
Address: 3500 American Boulevard West Suite 700
P.O. Box 11409
Bloomington, MN   55431-4434

Missouri Employers Mutual Insurance
Phone: (800) 442-0590
Address: 101 N Keene St
P.O. Box 11409
Columbia, MO   65201

Montana State Fund
Phone: (406) 495-5015
Address: 855 Front Street
P.O. Box 4759
Helena, MT   59604-4759

New Mexico Mutual Group
Phone: (505) 345-7260
Address: 3900 Singer Boulevard NE
P.O. Box 4759
Albuquerque, NM   87109

New York State Insurance Fund
Phone: (212) 312-7001
Address: 199 Church Street
P.O. Box 4759
New York, NY   10007

Workforce Safety and Insurance
Phone: (701) 328-3800
Address: 1600 East Century Avenue Suite 1
P.O. Box 4759
Bismarck, ND   58506-5585

Ohio Bureau of Workers Compensation
Phone: (800) 644-6292
Address: 30 West Spring Street
P.O. Box 4759
Columbus, OH   43215-2256

CompSource Mutual Insurance Company
Phone: (405) 232-7663
Address: 1901 North Walnut Ave.
P.O. Box 53505
Oklahoma City, OK   73152-3505

State Accident Insurance Fund (SAIF)
Phone: (503) 373-8000
Address: 400 High Street SE
P.O. Box 53505
Salem, OR   97312-1000

Pennsylvania State Workers Insurance Fund
Phone: (570) 963-4635
Address: 100 Lackawanna Avenue
P.O. Box 5100
Scranton, PA   18505-5100

Beacon Mutual Insurance Company
Phone: (401) 825-2667
Address: One Beacon Centre
P.O. Box 5100
Warwick, RI   02886-1378

South Carolina State Accident Fund
Phone: (803) 896-5800
Address: P.O. Box 102100
P.O. Box 5100
Columbia, SC   29221-5000

Texas Mutual Insurance Company
Phone: (800) 859-5995
Address: 6210 East Highway 290
P.O. Box 5100
Austin, TX   78723-1098

Workers Compensation Fund
Phone: (800) 446-2667
Address: 100 West Towne Ridge Parkway
P.O. Box 2227
Sandy, UT   84070

Washington Department of Labor and Industries
Phone: (360) 902-5800
Address: P.O. Box 44001
P.O. Box 2227
Olympia, WA   98504-4001

Wyoming Division of Workers Safety & Compensation
Phone: (307) 777-7159
Address: Cheyenne Business Center
1510 East Pershing Boulevard
Cheyenne, WY   82002

Workers Compensation Board - Alberta
Phone: (780) 498-3999
Address: 9925-107 Street
P.O. Box 2415
Edmonton, AB   T5J 2S5

Workers Compensation Board of British Columbia (WORKSAFEBC)
Phone: (604) 273-2266
Address: P.O. Box 5350 Station Terminal
P.O. Box 2415
Vancouver, BC   V6B 5L5

Manitoba Workers Compensation Board
Phone: (204) 954-4321
Address: 333 Broadway
P.O. Box 2415
Winnipeg, MB   R3C 4W3

Phone: (506) 632-2200
Address: 1 Portland Street
P.O. Box 160
Saint John, NB   E2L 3X9

Workers Compensation Board of Nova Scotia
Phone: (902) 491-8999
Address: 5668 South Street
P.O. Box 1150
Halifax, NS   B3J 2Y2

Prince Edward Island Workers Compensation Board
Phone: (902) 368-5680
Address: 14 Weymouth Street
P.O. Box 1150
Charlottetown, PE   C1A 7L7

Saskatchewan Workers Compensation Board
Phone: (306) 787-4370
Address: 200 - 1881 Scarth Street
P.O. Box 1150
Regina, SK   S4P 4L1

Puerto Rico State Insurance Fund Corporation
Phone: (787) 793-5959
Address: G.P.O. Box 365028
P.O. Box 1150
San Juan, PR   00936-5028
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AASCIF Newsletter

State Fund Surplus Protection

Brian J. Spero,Vice President and General Counsel,The Beacon Mutual Insurance Company
National Issues Committee

Although AASCIF member companies come in a variety of organizational structures ranging from state agencies to independent, competitive insurers, all AASCIF companies need to be concerned about surplus protection – given either actual governmental control or “misperceived” governmental control.  The success of AASCIF members is indicated in part by their healthy financial condition including surplus adequacy.  However, in these days of strained state governmental resources, state governments have and will continue to look to AASCIF members as a potential source of capital to fund state deficits.

For those AASCIF members whose boards are still controlled or appointed by members of state government in order to maintain their tax exempt status under the Internal Revenue Code Section 501(c)(27), this issue is acute.  Control of the board room by state government may very well lead to a breach of fiduciary responsibility to the policyholders of the company by state government officials attempting to usurp surplus for state use.  Even for those funds which operate more independently, there may still be a perception of control by state executive or legislative branches, which could lead to adverse executive or legislative action.  During the last three years, several AASCIF companies have been faced with these issues.

Ideally, state governments should agree with the substantive argument that surplus does not mean “something above what is needed,” but is equity needed by the fund to pay for the potential, unforeseen liabilities of the company.   Reserves are set to account for known liabilities, while “equity” is necessary to account for unknown liabilities.  Equity is necessary to ensure that state funds can protect future injured workers and their families – something that can be personalized to the injured relatives and families of state executive and legislative leaders. 

Also, substantively, healthy state funds have been a stabilizing influence on workers’ compensation markets and the economies of the states.  However, the historic perspective on this argument is fading as current state leaders did not participate in the turmoil of the early 90’s.

So how do we as AASCIF members protect policyholder surplus from these types of incursions?  Funds should have legislative protection built into their charters or articles of incorporation.  Members should have charter language which indicates the funds of the company are owned by the company and its policyholders, can only be used for the purposes of the fund, and are not assets of the state.  Of course, this is somewhat inconsistent with the provisions of Section 501(c)(27), which provides that the surplus must be returned to the state on dissolution as opposed to the policyholders in a true mutual.

Several state Supreme Courts have addressed the surplus issue and found in favor of the AASCIF funds.  Some have even directly addressed the Internal Revenue Code issue.

Another way to protect surplus is to add language to the insurance policy which indicates that the company’s funds can only be used for the company’s purposes, are not state assets and are only for the benefit of the policyholders.  Such language can usually be adopted through a policy change approved by state regulators as opposed to legislative entities and would then give rise to a private contractual cause of action by the company’s policyholders in the event of a surplus fight.

Several courts have seized upon dividends as an indicator of ownership of surplus by policyholders.  To the extent companies issue dividends, especially dividends shared ratably among all policyholders, an argument can be made that the company has just redistributed surplus to its policyholders because of ownership.

Undoubtedly, surplus protection will remain a major enterprise risk for our members and ultimately, communication between the members with regard to responses to these efforts is the best form of protection.  There is always safety in numbers.



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