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Members of Failed Self-Insurance Trust Sue Brokers for Fraud

By Sherri Okamoto (Legal Reporter)

Friday, March 28, 2014 | 0

Members of the now-defunct Healthcare Industry Trust of New York are suing the insurance brokers that had marketed the group self-insurance system to them for having engaged in racketeering and deceptive business practices in order to boost enrollment in the trust as the trust's financial security was flagging. The trust – one of the largest self-insurance groups in New York – shut down in 2008, leaving its members to cover a $176.5 million shortfall. Employers who join self-insurance trusts pay premiums, which are pooled, to cover the costs of claims against them. Th...

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