Company Overview of State Compensation Insurance Fund
State Compensation Insurance Fund provides workers’ compensation insurance to employers in California. Its products and services include accident prevention services; return to work programs; claims services; medical care programs, that include utilization review programs, pharmacy benefit management programs, and medical provider networks; and loss control services. The company was founded in 1914 and is headquartered in San Francisco, California.
333 Bush Street
San Francisco, CA 94104
Founded in 1914
Key Executives for State Compensation Insurance Fund
Interim President and General Counsel
Interim Chief Financial Officer and Chief Investment Officer
President of Claims Operations
Compensation as of Fiscal Year 2013.
State Compensation Insurance Fund Key Developments
State Fund Compensation Insurance Fund Declares Policyholder Dividend for the Policy Year 2013
Nov 18 13
State Fund Compensation Insurance Fund's board of directors has approved a $100 million dividend to qualifying policyholders for the policy year 2013. The dividend represents approximately 8.6% of policyholders 2012 estimated annual premium and demonstrates the effectiveness of the business improvements and operational efficiencies implemented by the organization.
State Compensation Insurance Fund Announces Changes in Executive Team
Nov 15 13
At its meeting on November 15, 2013, the State Compensation Insurance Fund Board of Directors announced that Tom Rowe, CEO and President, and Dan Sevilla, CFO, will resign from State Fund. Several years ago, State Fund's Board set the organization on a path to transform its operations by improving its transparency, accountability, efficiency, and productivity to ensure a stable and open workers' compensation insurance market. Rowe and Sevilla will step away from overseeing day-to-day operations immediately but will remain available for advice and consultation until the end of the year. The Board will immediately begin a search for a new CEO and has named Carol Newman, State Fund's General Counsel, as interim President effective immediately. Newman has been with State Fund since 2008 and has played an integral role in leading State Fund's transformation. Carol has had a long career in insurance that spans over 30 years, affording her the opportunity to oversee a wide breadth of insurance operations including claims, broker/agency management, human resources and government and industry affairs. The Board also announced that it has appointed Pete Guastamachio as interim CFO. Guastamachio joined State Fund in 2009 and is State Fund's Chief Investment Officer. He has more than 30 years experience in the financial world having served as vice president-assistant portfolio manager for Bank of the West. He also served in a variety of positions with Argonaut Insurance.
State Compensation Insurance Fund Selects Dinesh Govindarao as New Chief Medical Officer
Jun 25 13
State Compensation Insurance Fund has selected Dr. Dinesh Govindarao as its new Chief Medical Officer for the organization effective July 8, 2013. As Chief Medical Officer, Govindarao will represent State Fund as an advocate for California injured workers and a driver of change in regulatory and medical forums. His duties are to: Provide critical oversight of the organization's Medical Provider Network (MPN). Work with State Fund's Claims Medical Division to develop policies, procedures, and enhanced programs that drive high quality care for injured workers. Work collaboratively with State Fund's Utilization Review organizations to optimize processes. Prior to his State Fund selection, Govindarao served as VP and medical director at Concentra, and as medical consultant to various organizations including NASA's Jet Propulsion Laboratory and Toyota.
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