Senators debate SB92 to convert Workers' Compensation Fund into a mutual insurer and set RFP requirements

Senator Bramble presented Senate Bill 92 on the floor, describing it as the final step in a longer process to move the Workers' Compensation Fund (WCF) away from state control toward a mutual insurance company owned by its policyholders.

He told colleagues the bill directs the insurance commissioner to issue a request for proposals (RFP) to select an insurer of last resort to cover the residual workers' compensation market, and it sets stringent criteria for bidders, including national rating, financial size, demonstrated ability to provide statewide safety consultation, claims handling, medical case management and other services. Bramble noted that WCF asked for high standards to ensure any other entrants meet the same expectations WCF has provided as insurer of last resort.

During floor questioning, sponsors clarified that under the bill WCF would continue to write workers' compensation policies until a date set by the commissioner (not later than Dec. 31, 2020) and that the statute contemplates a multi-year contract period for an insurer of last resort if selected. Senators expressed interest in ensuring continuity of coverage, marketplace stability and appropriate standards for bidders. The transcript records robust floor discussion but does not show a final recorded passage or failure within the provided segments.