Calif. Ins. Commissioner To Sue Over $1B Fund Sale

Law360, New York (August 27, 2009, 6:43 PM EDT) -- California's insurance commissioner has challenged a plan to sell the State Compensation Insurance Fund for $1 billion as unconstitutional, vowing Thursday to sue the state's finance department over the decision to use the money to fill California's budget gap.

Commissioner Steve Poizner said the move — authorized by part of the revisions California legislators made to the state's budget when earlier efforts to make up for the deficit through taxes failed — would cause the cost of workers' compensation insurance for construction companies, the agricultural industry...
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