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  Poizner plans suit to halt ‘pilfering’ of Calif. workers’ comp. funds
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Last EditedJason  Sep 06, 2009 06:29am
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AuthorKeith L. Martin
News DateTuesday, September 1, 2009 12:00:00 PM UTC0:0
DescriptionCalling a move by California Gov. Arnold Schwarzenegger and the legislature to sell $1 billion worth of business at the state-run workers’ compensation insurance company a “pilfering of funds,” the state’s insurance commissioner is taking his fight to court.

Steve Poizner, who heads the California Department of Insurance, announced that he will soon file a civil suit in Sacramento County Superior Court to have the sale of State Compensation Insurance Fund, or the State Fund, assets declared unconstitutional.

Poizner said the transaction could lead to skyrocketing workers’ compensation insurance costs for the state’s construction firms, agricultural industry and other small business.

In July, Schwarzenegger, a Republican, and state legislators approved the proposed sale as the state comes to grips with a $24 billion dollar shortfall in its budget. The proposed sale of State Fund assets is expected to generate $1 billion in general fund revenue.
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