If your company currently self-insures (or formerly self-insured) workers compensation in the California, it is required to file an annual actuarial study and actuarial summary with the state. This year, the reports must be electronically filed by May 1, 20221.
A filing exception is available for self-insureds with either: A) 10 or fewer open claims, or, B) less than $1 million of estimated future liabilities.
The actuarial studies and actuarial summary are generally required to be based on data evaluated as of December 31, 2021. The analyses need to be completed by qualified actuaries, as defined by the Office of Self-Insured Plans.
More information can be found on the website of the Department of Industrial Relations, here.
Archer Actuarial Consulting can help your company meet its filing obligations in a timely and cost-effective manner. Email Don at don.grimm@archeractuarial.com or call him at (215) 205-9425.
Footnotes
1. If your company is part of a self-insured group, the deadline is April 15, 2022.