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(c) 2016 Jon L Gelman, All Rights Reserved.

Friday, August 16, 2013

Liberty Mutual FIles Suit in NY To Stop Elimination of Reopener Fund

An effort spearheaded by Liberty Mutual to thwart Governor Cuomo's effort to eliminate the NY State Insurance Fund's elimination. The Cuomo Administration has asserted that the move to close the Fund is necessary to save money and consolidate resources to avert unnecessary workers' compensation insurance premium increases.

"Liberty Mutual Group subsidiaries have filed a suit challenging New York’s decision to close a state workers’ compensation fund dealing with settled claims that are later reopened.

"The suit alleges that the decision by the governor and legislature, included as a component of the state budget for the next two years, will cost insurers and self-insured employers up to $1.6 billion in unfunded liabilities.

"However, an industry official experienced in the workings of the state’s workers’ compensation fund questions the viability of the suit.


Click here to read the complete article, "Liberty Mutual Group Subsidiaries Challenge Closure of N.Y. Reopened Cases WC Fund"

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