Is this how the WCB plans on providing “public information” on the funding status of group trusts?
For decades, the WCB has refused to provide critical information on the actual funding levels of what they are supposed to regulate; all the while employers were being taken to the cleaners by the CRMs and like.
Now they do a story for insurancejournal.com and think that their “responsibility” is fulfilled. You can’t even find this listing on their web site.
Remember, these are the “disclosure guys” from Spitzer’s AG office! Do as I say, not as I do.
The NY self insured trusts go bust w/o any reasonable notice to members or the public. Even the CRM trusts appeared to be healthy just before they started assessements and closing down. “Clean bill of health” should never be used in the same sentence as self insured trust.
How can anyone say anything about the health of any trust when the WCB doesn’t make the information available?
Just take a second look at the date of their release for this article – May 16.
They still are not making any information available for anyone to make any judgement on the health of the group trusts.
And, obviously, there is no one at the WCB who is making sound judgements on the health of the trusts. They are not even getting independent audits anymore.
How does making this information public influence the health of the Trust? If assets exceed 90% of liab, you have no funding issues. Financials are always available for members. CRM was a trainwreck, but don’t paint all other admins with that brush.
Is this how the WCB plans on providing “public information” on the funding status of group trusts?
For decades, the WCB has refused to provide critical information on the actual funding levels of what they are supposed to regulate; all the while employers were being taken to the cleaners by the CRMs and like.
Now they do a story for insurancejournal.com and think that their “responsibility” is fulfilled. You can’t even find this listing on their web site.
Remember, these are the “disclosure guys” from Spitzer’s AG office! Do as I say, not as I do.
Way to go……………….
The NY self insured trusts go bust w/o any reasonable notice to members or the public. Even the CRM trusts appeared to be healthy just before they started assessements and closing down. “Clean bill of health” should never be used in the same sentence as self insured trust.
How can anyone say anything about the health of any trust when the WCB doesn’t make the information available?
Just take a second look at the date of their release for this article – May 16.
They still are not making any information available for anyone to make any judgement on the health of the group trusts.
And, obviously, there is no one at the WCB who is making sound judgements on the health of the trusts. They are not even getting independent audits anymore.
How does making this information public influence the health of the Trust? If assets exceed 90% of liab, you have no funding issues. Financials are always available for members. CRM was a trainwreck, but don’t paint all other admins with that brush.