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SPECIAL REPORT: State Comp System Still Big, Busy, Embattled

08/06/2012
million. Some employers that were former trust members say SWCB contributed to the collapse by allowing Compensation Risk Managers CRM to create at least one self-insured group the Transportation Industry Workers' Compensation Trust TRIWCT without a state license and then assured trust members

Category: News

Liabilities from Failed Trusts Climb to $966.8 Million

01/17/2012
pending against the administrators of 13 insolvent trusts based on forensic audits it conducted after the trusts were shut down. The two largest lawsuits seeking total damages of 999 million are against failed trust manager Compensation Risk Managers CRM formerly of Poughkeepsie N.Y. and its

Category: News

Employers Threatened With Judgments over Failed Trusts

12/13/2011
industry. In 2009 the board sued Poughkeepsie N.Y.-based Compensation Risk Managers and its parent CRM Holdings to collect 450 million in unpaid claims for CRM's eight insolvent trusts in December 2010. CRM's successor Majestic Capital settled with the board for 41 million last year. Majestic

Category: News

Board Pushes Tab for Failed Trusts to More than $924 Million

07/19/2011
have shown this looks very bad." Camp said GSIANY representatives are hoping for a meeting with Cuomo's staff. As attorney general Cuomo investigated former trust manager Compensation Risk Managers CRM. He has not announced whether he would support the bills if lawmakers reconvene the 2011 session

Category: News

SWCB Official: Tab for Trust Failures Exceeds $1 Billion

04/29/2011
employers with bad safety records to join the trusts or continue membership because the managers earned commissions based on the size of group members. Speaking of trust manager Compensation Risk Mangers CRM which exited the New York system as part of an agreement with the board in September 2008 Woods

Category: News

Cuomo Staff in Compromise Talks Over Fate of Group Trusts

03/03/2011
Compensation Risk Managers CRM a Poughkeepsie-based trust manager that exited the market in 2008 in an agreement with SWCB. Cuomo later sued CRM for 450 million but agreed to a 41 million settlement based on its tenuous financial position. "I don't think Andrew Cuomo is going to throw the baby out with

Category: News

Employers in Talks with Cuomo about Group Self-Insured Trust Crisis

02/16/2011
Compensation Risk Managers CRM seeking 450 million to pay off claims from the eight trusts CRM managed before it exited the state system as part of a consent agreement with SWCB in September 2008. Cuomo settled the suit for 41 million last November citing the deteriorating financial condition of

Category: News

Group Self-Insured Trust Bill Missing from Special Session Call

11/29/2010
assessments from the members of failed trusts. His office also headed the investigation of Compensation Risk Managers CRM which ran eight of the insolvent trusts. CRM exited the New York system in 2008 to settle administrative charges filed by SWCB and is in the process of settling a lawsuit filed by SWCB

Category: News

Newspaper: CRM Delayed Claims Payments as it Ran Out of Cash

11/16/2010
Compensation Risk Managers CRM deliberately delayed claims payments to the injured employees of members of several New York group self-insured trusts it managed because the trusts were running out of cash the Poughkeepsie Journal reported Sunday. The newspaper quoted Joseph Dorfman who worked

Category: News

Audit Flags Nearly $900,000 in Political Payments by Failed Trust

11/15/2010
board is in the process of settling a lawsuit against Compensation Risk Managers CRM a former Poughkeepsie N.Y.-based trust manager accused of filing false financial reports and engaging in conflicts of interest in connection with eight other failed trusts. HCPSIT's audit is the first instance in

Category: News

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