Illinois Insurance Director Nat Shapo received approval this week to place the Back of the Yards Neighborhood Council Risk Management Association Workers Compensation Trust into liquidation.
The company, referred to as BYRMA, was placed under an Order of Liquidation on January 22, 2001, based on the Department of Insurance’s findings that the pool was insolvent by at least $7 million. BYRMA was originally placed in conservation on April 21, 1999, and subsequently into rehabilitation on December 20, 1999.
On two separate occasions, Shapo had ordered BYRMA to assess its members to cure the deficiencies in its financial condition. However, the company has been unable to recover adequate funds from its members, and Shapo moved to place the company into liquidation for the protection of claimants and creditors. Simultaneously, the Director as Liquidator has ceased paying all claims.
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