Denver labor bulletin., 1918-04-13
SUCCESS OF THE
COMPENSATION
FUND OF STATE
ASSETS ARE NOW OVER
$500, 900.
Has Contested Fewer Gases, in Pro-
portion to Volume of Business
Done. Than Any Other In
surance Carrier


surance fund, administered by the in
dustrial commission of Colorado, in
its annual report, shows that at the
time of making the statement there
was balance on hand of S297 ,303.7S,
of which amount S264,S00 was in
vested in Colorado state bonds
In the year covered by the report
S35. 5.2ll.24 was paid out for compen-
sation and 7,2S5.4S paid for medical
services rendered injured workingmen
coming within the scope Of the state
compensation fund.
Manager George N Quigley in
forms The Bulletin the assets of the
fund April 4 was over 100000.
The report cites facts in relation
to the fund as follows:
The state fund is not political or
ganization. the retention and appoint
ment of employees being made solely
from the standpoint of efficiency.
The commission and the manager
of the fund, entrusted with the ad-
ministration of this fund, are deeply
impressed with the responsibilities
thus placed upon them and will see
that the fund is administered ii strict
accordance with sound business and
insurance principles.
time over LOO policyholders and an
annual premium of more than $780,
600
The policyholders in the state fund
for the year 1916 obtained their in
surance from per cent TO 32l2 per
cent less than it could have been OBJ
tanned from stock insurance COM
panies.
The state fund takes the place Of
the policyholder and becomes the sole
party litigant in cases Of controversy
in the settlement of claims.
The state fund assumes all liability
i'm settlement Of claims and saves the
policyholders all annoyance by render
ing prompt and efficient claim service.
The state fund is compelled by law
to set aside surplus of not less than
10 per cent of all premiums collected
as a special catastrophe reserve.
The state fund will bind your risk
as soon as notification is received, sub
ject to Immediate payment Of pre-
MUM.
The state fund inspects Industrial
risks. subject to schedule rating.
The state fund is a member of the
| national workmen's compensation
service bureau, being represented on
| the governing board of this bureaus
Colorado branch.
The state fund has contested fewer
cases before the Industrial commits
sion in proportion to the volume of
business than any other insurance
carrier.
The state fund has invested only
in Colorado state bonds, most of
which bear ! ~ per cent interest, and
have no foreign stocks or bonds which
might be affected by the present war.
The loss reserves Of the state fund
are computed at the close of each in
surance period, which IS June 80 and
December 81, and are compiled by
careful analysis of each accident and
the application of the necessary ac-
tuarial tables of recognized standing
in use by all insurance companies.
This is the same method used by the
New York insurance fund and ap-
proved by the insurance departments.
The state fund is operating as an
insurance medium of service to the
public by furnishing complete protec-
tion with absolute security at net
cost.
During the month Of October, 1917.
the state auditing board made care
full and complete examination of the
cash transactions Of the state fund
from its inception, and pronounced the
DOOkS ana reNoltS 10 bt III btiAtNN
| condition and all monies properly ac-
counted for.
During the months of November and
December. 1917, Mr.. Paul L. Woolston,
an actuary of national reputation,
| made thoro examination and inves-
| tigation into the condition, manage
| ment and reserves Of the state fund.
This examination was made at the
| request of the insurance commission
er, and develops the fact that good
| judgment and comprehensive grasp
of the basic principles of insurance in
| the administration and management
of the fund have rendered the re
serves wholly adequate, the surplus
satisfactory, and the solNency of the
fund undisputed.
The state fund offers to employers
| the opportunity to secure complete
protection under the compensation
act at the lowest cost. This form of
insurance will give them the highest
degree of security, economy and eff
cheney, The legislature created the
state fund for the protection of the
| employers in order to enabel them to
provide the compensation benefits re-
| quired by law at n minimum expense.
Consideration of business and public
policy alike. commend this form of
insurance to employers of labor
| thruout the state.