Calif. State Fund Leaders Testify at Senate Hearing

California State Compensation Insurance Fund President Janet Frank and Board Chair Jeanne Cain testified Wednesday at an informational hearing of the Senate Banking, Finance and Insurance Committee that was held to review the findings released in December from the California Department of Insurance’s operational review of the fund.

Frank, who joined the State Fund in October and recently marked her first 100 days with the organization, outlined the Fund’s strong progress toward implementing CDI’s recommendations, her assessments of State Fund operations and the 2008 strategic initiatives she will implement to further move the organization forward.

“In March 2007, our board took unprecedented action that set the State Fund on a new course,” said Frank. “The pace and magnitude of change in this organization has been remarkable. Today, we are a more open, more accountable and more collaborative operation and we remain committed to this positive course.”

Cain provided a brief overview of the significant work the State Fund has accomplished and the profound change it has experienced since State Fund leaders last appeared before the Senate committee in March 2007.

“The State Fund has never been in a better position to improve its operations and align them with industry best practices,” Cain said. “The work of the board, new management and the CDI’s operational review has provided a road map for the way forward.”

Cain called Frank “a tremendous asset to the State Fund as we continue work to create an organization steeped in integrity and transparency.”

Source: California State Compensation Insurance Fund