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Budget Expands Trust Bail-Out and Seeks Extra Cash from Insurers

01/28/2010
. SWCB Public Information Officer Brian Keegan said Wednesday most of SWCB's 52 million credit line has been exhausted. The board is seeking emergency borrowing power to pay claims. In December SWCB sued CRM Holdings the parent company of Compensation Risk Managers seeking 405 million in damages

Category: News

CRM Calls WCB Audit 'Fruitless Goose Chase'

01/21/2010
CRM Holdings the Bermuda-based parent of group-trust self-insurance manager Compensation Risk Managers struck back Wednesday in response to a forensic audit commissioned by the New York State Workers' Compensation Board SWCB that cited potential conflicts of interest and false financial

Category: News

Audit Alleges Potential Conflicts of Interest and False Reporting at CRM

01/18/2010
By Michael Whiteley Eastern Bureau Chief mikeworkcompcentral.com A forensic audit of a major New York health care trust formerly run by Compensation Risk Managers CRM alleges potential conflicts of interest involving CRM's founders a former trust chairman a Bermuda-based reinsurer and

Category: News

NYSIF Warns of Group Trust Risks As Storm Gathers Around CRM

12/18/2009
Compensation Risk Managers CRM. NYSIF the state-run insurer of last resort and a competitor of the trusts repeated warnings it first issued in August that employers that join group trusts are jointly and severally liable for unpaid claims when trusts fail. NYSIF's warning follows an analysis by the

Category: News

SWCB Sues CRM As Cuomo Threatens Action Over Group Trusts

12/10/2009
By Michael Whiteley Eastern Bureau Chief mikeworkcompcentral.com The New York State Workers' Compensation Board SWCB sued CRM Holdings Wednesday over its handling of a string of failed group self-insured trusts while state Attorney General Andrew Cuomo warned a related fraud suit by his

Category: News

Pennisi's Exit from SWCB Leaves Group Trust Overhaul in Question

10/12/2009
the group self-insured trust industry and the investigation of former Poughkeepsie N.Y.-based trust manager Compensation Risk Managers CRM. Based on the board's investigation of CRM Weiss filed administrative charges in April 2008 alleging CRM under-reserved for claims in some of the trusts it

Category: News

CRM Execs Collected $42M from Stock Sales While Trusts Faltered

09/09/2009
to shutting down the Poughkeepsie Journal reported Sunday. Based on a review of insider trading reports filed with the U.S. Securities and Exchange Commission SEC by Compensation Risk Managers' parent CRM Holdings the newspaper reported that former CEO Daniel G. Hickey Jr. collected 8.1

Category: News

Group Self-Insured Trusts Dwindle While Funding Problems Remain

08/31/2009
on the industry Aug. 1. SWCB also announced this month that New York's employers have been assessed 132.6 million to retire unpaid injured workers' claims left from the closure of six trusts once run by trust administrator Compensation Risk Managers CRM. The board has estimated total liabilities

Category: News

NYSIF Goes on the Offensive in Self-Insured Trust Scandal

08/21/2009
CRM from the New York market last September. The fund cited a story published Tuesday in the Poughkeepsie Journal putting total employer assessments at 132.6 million based on unpaid claims left by the closure of six trusts managed by CRM. In all CRM managed seven trusts that have closed or were

Category: News

Employers Dunned $132.6 Million for 6 Shuttered CRM Trusts

08/21/2009
Employermembers of six closed self-insured group trusts once run by Compensation Risk Managers CRM are facing assessments totaling 132.6 million while the third-party administrator faces four ongoing investigations and five lawsuits over its handling of failed trusts in New York. The New York

Category: News

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