Affiliations
The Alabama Self-Insured Worker's Compensation Fund has a Best's Rating of A-(Excellent), FSC VIII effective July 22, 2011. For the latest rating, access www.ambest.com.
SIIA is a member-based association dedicated to protecting and promoting the business interests of companies involved in the self-insurance/alternative risk transfer (ART) industry. Visit the SIIA website at www.siia.org.
Program Highlights
CompInfoCenter
Our CompInfoCenter has proven to be a “win – win” with both our members and brokers by offering timely and convenient online access to their account information. The CiCenter features a document library, detailed production, claim and billing information 24/7, 365. A significant benefit to our members is the capability to submit a First Report of Injury directly to our service provider, Employers Claim Management. Several managerial reports, including loss history, large loss breakdown and various contribution reports can also be produced.
We will continue to upgrade and enhance this valuable service in order to better serve our members and brokers.
Out of State Coverage
Through a special arrangement with Sentry Insurance Company, A.M. Best rated A+ (Superior) XV, coverage is provided for approved operations of member companies located outside of Alabama, excluding ND, OH, WA & WY.
All billing, audit and endorsement requests are processed in our office. Billing, audit, endorsement and renewal information is available through our CompInfoCenter.
CCAA Endorsement
The Alabama Self-Insured Worker's Compensation Fund is pleased to be part of a new program that brings together Alabama's chamber of commerce community through a formal partnership and endorsement between its sponsoring association, the Business Council of Alabama and The Chamber of Commerce Association of Alabama.
The BCA/CCAA partnership combines the broad and diverse strengths of the 5,000 member Business Council of Alabama and the Chamber of Commerce Association of Alabama, whose 120 local chamber members represent more than 75,000 businesses and industries.
Disaster Preparedness
The Fund and Employers Claims Management have partnered with Agility Recovery Solutions to implement a disaster preparedness plan which would allow claims handling and administrative functions to continue in the event of a disaster or other unexpected operational shutdown.
Retro Return
The Retrospective Return Plan is a controlled method of returning to its members excess funds accumulated due to favorable operating experience. The actuarial formula was devised by Towers Watson to provide for the accumulation of adequate amounts of retained funds before returns may be made to Fund members. The experience-driven formula allows the balance in the retro reserve to be used to offset potential future adverse experience or to make returns to members. This feature helps insulate members from adverse experiences and rewards members when experience is favorable. The Fund has returned $214 million in retro renewal credits since 1978.