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Replying to Thread: How can an ER become PSI.....
Created On Friday 30, January, 2009 9:54 AM by rosellavera

rosellavera
Senior Member

Posts: 431
Joined: Jul 2005

Friday January 30, 2009 9:54 AM

Can anyone provide me with information on how an ER with 50 or less employees can become PSI.

Thanks,

Rose

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AuditorBob
Junior Member

Posts: 5
Joined: Sep 2008

Friday February 13, 2009 8:46 PM

A Protected Self-Insurance Program is an alternative method for financing risk. Under a PSI, a company retains the mathematically calculated cost of risk within its organization but transfers the catastrophic risk with specific and aggregate limits to an insurer.

Here's an overview from Arthur J. Gallagher.

For the nuts & bolts of how to go about it, you'll need to contact an insurance agent. I'm not aware of the pros and cons, or even if there are requirements for small versus large companies to participate.

Hope that helps!

-------------------------
AuditorBob
AuditBible.com
The Indispensable Online Resource for Audit Professionals

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RBaird
Senior Member

Posts: 211
Joined: Mar 2004

Sunday February 15, 2009 1:46 PM

The regulatory framework for permissive self-insurance is set forth in CCR starting at section 15201. I don't recall off hand a specific requirement as to number of employees, but the requirement for posting a surety, the reporting requirements, outside audit, etc. etc. make self-insurance for a small employer highly impracticable.

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