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CRM Fined by N.Y. Insurance Department for Unlicensed Adjusting

05/20/2008
Compensation Risk Mangers at risk of losing its state license over allegations that it badly mismanaged a string of failed group self-insured trusts has agreed to pay a 96110 fine to the New York State Insurance Department in connection with a parallel investigation that concluded CRM

Category: News

AFL-CIO Weighing in on N.Y. Trust Battle

05/08/2008
. SWCB this year has terminated five group self-insured trusts run by Compensation Risk Managers CRM of Poughkeepsie N.Y. and has filed administrative charge seeking to revoke CRMs administrative license. The board has scheduled a hearing on the charges later this month. "We want to make

Category: News

N.Y. Court Blocks Failed Trust Assessments

05/06/2008
trusts administered by Compensation Risk Managers CRM this year. It terminated at least six other group self-insured trusts in 2006 and 2007 and is drafting regulations to overhaul the state's system for guaranteeing the claims of workers covered by group self-insured trusts. Noting warnings from the

Category: News

Regulators Query Majestic in Ongoing CRM Probe

04/21/2008
license held by Compensation Risk Managers CRM in Poughkeepsie N.Y. Both companies are subsidiaries of Bermuda-based CRM Holdings which bought Majestic's parent company Embarcadero Insurance Holdings for 46.3 million in November 2006. SWCB released an extensive list of administrative charges

Category: News

N.Y. Attorney General Subpoenas CRM Records

04/18/2008
the attorney general has joined the SWCB in an ongoing investigation of failed trusts managed by Compensation Risk Managers CRM sent stock prices plummeting for Bermuda-based CRM Holdings which owns the Poughkeepsie N.Y. trust manager California-based Majestic Insurance Co. and reinsurer Twin

Category: News

N.Y. Regulators Target CRM License

04/17/2008
The New York State Workers' Compensation Board has filed administrative charges seeking to revoke the license of group self-insured trust manager named Compensation Risk Managers CRM based on findings that it understated reserves submitted false reports waylaid an auditor's investigation

Category: News

N.Y. Regulators Reviewing CRM and Drafting New Rules

04/03/2008
director of licensing for the board said Wednesday the agency has determined 2753 employer members were involved in the termination of the trusts all managed by CRM. The one remaining trust CRM handles in New York State Elite Contractors Trust of New York was identified as "underfunded" in an

Category: News

N.Y. Regulators Shutting Down Five More CRM Trusts

04/02/2008
The New York State Workers' Compensation Board SWCB has ordered the termination of five group self-insured workers' compensation trusts administered by Compensation Risk Management CRM since the beginning of the year and warned that 22 more trusts operating in the state are underfunded. In a

Category: News

CRM Cutting 34 Positions from N.Y. Group Self Insurance Subsidiary

02/21/2008
CRM Holdings Ltd. on Wednesday announced that it is cutting 34 positions as part of a series of cost-cutting and "realignment measures" affecting its group self insurance subsidiary Compensation Risk Managers. CRM said in response to market and business conditions that have reduced the volume of

Category: News

Majestic Enters N.Y. Comp Market

10/12/2007
Majestic Insurance Co. has begun writing primary workers' compensation business in New York state the company's parent said Thursday. Majestic's license became active Oct. 1 according CRM Holdings. Majestic already has written more than 11 million in direct premiums in New York CRM Chief

Category: News

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