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Banks Form Group to Save Workers' Comp Costs
Banks in California have joined forces to create an independent self-insurance group in an effort to save on administrative and other costs of workers' compensation.
The Independent Banks Self-Insurance Group has the blessings of the Federal Deposit Insurance Corporation and has applied with the State of California to form the group. Such groups were made possible by a state law passed in 1993.
The group, which will be administered by Bickmore Risk Services, will serve as an umbrella organization with members required to meet certain underwriting guidelines and to institute loss control measures and receive site inspections. Members will also get advice from professional loss control specialists.
The two initiators of the group - NVB Business Bank of Woodland and North Valley Bancorp of Redding - project that the group will begin operations by July 1. They have invited other banks in the state to join the group.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 5, 6/05
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