New York moved aggressively Friday to deal with the chronic problem of failed group self-insured trusts, issuing $370 million in bonds that will be used to assist businesses on the hook for failed trusts fulfill their obligations to their injured workers.
The New York State Workers' Compensation Board (WCB) will use the bond proceeds to purchase insurance policies that will pay the claims of injured workers.
Ellen Melchionni, president of the New York Insurance Association (NYIA), voiced strong support for the decision.
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