Chartis Claims Pays $495K Fine in New York

January 6, 2010

  • January 6, 2010 at 3:02 am
    Nelson Muntz says:
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    Ha Ha….Crud!

  • January 6, 2010 at 3:15 am
    insurance claims consultant says:
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    FOX new reported last week self-insurance is the way to go. This will stop government and state regulations. The state insurance commmissioner cannot tell you wnat to do with your own money if you are self-insured. Chartis is stupid and the CEO should be fired. They knew the rules but ignored them.

  • January 6, 2010 at 5:02 am
    Doctor J says:
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    Maybe, but then the Department of Labor has the purview… Oh, in NY they fell asleep at the switch with Compensation Risk Managers… yikes!

  • January 7, 2010 at 2:47 am
    flagent says:
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    I’m sure they just just used the taxpayers bailout $$ to pay this fine as well-

  • January 11, 2010 at 9:29 am
    Insured says:
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    I understand that self insurance is a nigthmare as each state tells you how much money to set aside for future losses and how to secure reserves.

  • January 11, 2010 at 11:35 am
    self- insured says:
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    You are partially correct. The Insurance commissioner can dictate how much a business must set aside to cover Workers’ Compensation claims before allowing a business to become self-insured. This keeps the business from being sued in federal or state courts. This is not a nightmare to businesses, because they enjoy the immunity from lawsuits.

    On personal auto, the state insurance commissioner regulates self-insured motorist. Example: if your state only requires $25,000.00 liability limits and you have $25,000.00 in the bank, an individual can be granted self-insured status. Let’s take this a little further. A motorist gets in a car accident and injures the other driver. The court awards the injured party $200,000.00 in damages. The defendant’s attorney can try to go after the self-insured’s personal assets to satisfy the judgment. lets say the self-insured still owes money on his home and car and files bankruptcy for the remainder of the judgment. I am sorry to say $25,000.00 is all the defendant can get because the self-insured meet his obligation of the state by having $25,000.00 set aside for liability claims. I think the real nightmare is the injured victim, not the self-insured. I could go on and on,but the truth is, if one can become self insured that is the best way to save money according to FOX news. Good Day,



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