A third-party administrator for self-insured workers' compensation groups is under investigation by the New York State Attorney General's Office and faces possible license suspension for failing to pay injured workers awards and submitting false information, it was disclosed today.
Under regulatory fire is Poughkeepsie, N.Y.-based Compensation Risk Managers, a subsidiary of CRM Holdings, Ltd. in Bermuda. The parent firm said CRM has been hit with a subpoena from the AG's office and is cooperating with authorities.
The New York State Workers' Compensation Board in a letter to CRM dated Tuesday said it will hold a hearing to revoke the firm's license on May 20 at WCB's Albany office based on eight charges lodged by an investigatory panel.
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