Products & Services

Workers' Compensation Solutions for California Banks

WIBSIG is a high-quality, cost-effective Group Self-Insurance Workers’ Compensation Program for bank members of the WIB with employees in the State of California.

Why Choose the Workers’ Compensation Self-Insurance Group (WIBSIG)?

The WIBSIG helps WIB’s California member banks control the high costs of Workers’ Compensation Insurance. The WIBSIG yields savings to your bank’s bottom line, without sacrificing necessary loss prevention and claims management services.

What is a Self-Insurance Group Program?

A Self-Insurance Group Program is an association of employers, homogeneous in nature, who have grouped together to provide Statutory Workers’ Compensation benefits to their employees. Self-Insurance Group Programs are approved, regulated, and monitored by the California Department of Industrial Relations, Office of Self-Insurance Plans.

How is the program supported?

Member contributions (premiums) provide funding for claims and expenses. Group members own 100% of the group’s surplus, including interest income. The WIBSIG’s program manager, Compensation Risk Managers (CRM), provides underwriting, loss control and administration. CRM also coordinates third-party claims administration services, independent accounting, actuarial and legal services. Independent Bankers Insurance Services (IBIS), WIB’s endorsed insurance broker, provides sales and marketing services. IBIS will co-broker your bank’s participation in the WIBSIG with your bank’s own broker.

What are the benefits to WIB California Members?

  • No capital or surplus investments required
  • Regulatory Compliance - The OCC and FDIC have approved banks’ participation in WIBSIG
  • No multi-year commitment required.
  • Significant savings compared to traditional insurance products
  • All group surplus, including investment and interest income, is owned by WIBSIG
  • This program is regulated and approved by the California Department of Industrial Relations
  • Comprehensive loss-control & safety programs structured for each member included at no additional cost
  • Aggressive claims administration with Internet accessible management reports
  • Claims costs reduced by managed care integration and early return to work programs
  • Quality assurance reviews
  • Excess and aggregate insurance protection provided through “A” rated, admitted insurance companies
  • Group stability assured through rigorous membership standards
  • Retain your bank’s experience modification rating

“Our bank is looking at a 30% savings with our Workers’ Comp renewal through the WIBSIG. With the margin compression we are expecting, we need all the help we can get. Thank you!”

~Mel Switzer, President & CEO, Sonoma Valley Bank (CA)

WIB Member Benefit

  • 20%-30% savings on workers’ compensation premiums

Bank Criteria: General Profile

  • Minimum Annual Contribution (Premium): $10,000 (equivalent to an annual payroll of approximately $750,000 to $1.5 million, depending on the bank’s experience modification factor)
  • Accepted Standard Industry Codes: 60
  • Maximum Accepted Experience Modification Factor: 1.30
  • Minimum Age of Bank: None

Accepted Class Codes

  • 8808—Banks: All bank employees including appraisers, bank-guards and attendants, field auditors, office machine repair, clerical and out-side sales.
  • 8810—Clerical Employees: Employees classified as such within the bank.

WIBSIG Board Of Directors

  • First Northern Bank (Dixon)
  • Sonoma Valley Bank (Sonoma)
  • WIB Representative (President & CEO)
  • WIB Service Corporation Representative (President & CEO)

For additional information

Bank Participant Application Forms to Join WIBSIG

VIP Contact:

Pat Corey
Independent Bankers Insurance Services (IBIS)
12021 Wendy Street
Cerritos, CA 90703
Tel: (480) 663-3778
Fax: (480) 663-3154
Cell: (480) 375-1244
pcorey@ibisinsurance.com

Anne K. Scully
WIB Service Corporation
Tel: (415) 352-2323
Fax: (415) 352-2314
anne@wib.org