Calif. Approves Tax-Exempt Status for Private School Self-Insurer
The California Private Schools Workers’ Compensation Self-Insurance Group, Inc., a self-insurance group for private schools, has been granted tax-exempt status by the California Franchise Tax Board.
Rather than paying taxes on net income, the group will retain its earnings, which may be utilized to buy down future premiums or could be returned to members as a dividend.
CAPS-SIG started operations in December of 2004. Since that time the group has grown to provide workers’ compensation coverage to 13 nonprofit schools throughout the state.
“This is just one more area that the self-insurance group has an advantage over guaranteed cost insurance,” claimed Dr. Michael Beever, chair of CAPS-SIG and Consultant to Valley Christian Schools.
He said that the groups reduced its rates by an average of 20 percent last year, and still managed retained earnings of nearly 15 percent.
Membership is open to private schools throughout the state that meet the group’s established underwriting guidelines.
For more information on CAPS-SIG, visit www.capssig.org.
Source: California Private Schools Workers’ Compensation Self-Insurance Group, Inc.
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- Property Restoration Industry: A Culture in Need of Repair?
- California Sees Two More Property Insurers Withdraw From Market