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SACRAMENTO, Calif.--An alleged misuse of funds at California's State Compensation Insurance Fund could reach between $600 million and $1 billion, a spokeswoman for the state's Department of Insurance said Thursday.
The insurance department announced last month that it is conducting a "top-to-bottom" audit of the San Francisco-based insurer. Investigators have been looking into administrative fee payments related to SCIF's group insurance program, which provides discounted workers compensation insurance for trade association members.
On Wednesday, SCIF said it was transferring Charles Savage, its vp and general counsel, and seeking someone new for that position.
Mr. Savage's transfer follows the abrupt firings in March of former President James C. Tudor and Vp Renee Koren. SCIF, however, did not link Mr. Savage's transfer to the ongoing investigation.