The New York Board of Workers' Compensation confirmed yesterday it has shut down two more financially distressed self-insurance group trusts.
Coverage by the New York Healthcare Facilities WC Trust and Retail and Wholesale Industry WC Self Insurance Trust will end July 31, the board said.
Board spokesman Jon Sullivan said both entities lacked adequate reserves. "In the past this might have gone unnoticed, but no more," he said.
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.
