The New York Workers' Compensation Board has told two under-funded self-insurance trusts that insure plant employees and social workers to shut down, but no further closures are expected, a spokesman said yesterday.
In October, Mary Beth Woods, the board's director of licensing said that its 2001 tightened guidelines for reserving had put some 30 self-insurance trusts in the under-funded category, but only "a handful" were of real concern.
Board spokesman Jon Sullivan said yesterday that after ordering Manufacturing Industry WC Self-Insurance Trust and Provider Agency Trust for Human Services to close, "at this point we don't anticipate anything more."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.