«

»

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

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>