Apr 04

Transferring workers comp liabilities

Terminated group self-insurance trusts in New York may apply to the state Workers’ Compensation Board to transfer their workers compensation liabilities by purchasing loss portfolio insurance, which the state calls an assumption-of-liability policy. In a December circular, the Workers’ Compensation Board said such a policy must be:

• In a form approved by the superintendent of insurance and be issued by a state-licensed insurer

• Issued based on a “single complete premium payment” made in advance by the group self-insurer

• Noncancelable for any cause

• Purchased after the group self-insurer satisfies all outstanding penalties and assessments

Source: New York State Workers’ Compensation Board

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