CRM Surrenders N.Y. TPA License in Failed Trust Probe

Troubled group self-insurance trust manager Compensation Risk Managers on Tuesday agreed to surrender its third-party administrator license to run group self-insured trusts to end an investigation by the New York State Workers' Compensation Board (SWCB) into a string of trust failures that helped trigger millions of dollars of emergency assessments to keep the system afloat.The board said CRM has agreed to surrender its license effective Sept. 8 and, in a separate matter, pay $55,000 to cover previous fines to the board. In a similar agreement, CRM agreed to pay the New York State Insuranc...