Underfunded N.Y. Group Trust May Shut Down

CRM Holdings announced Monday that the board of trustees of the Healthcare Industry Trust of New York (HITNY) decided to ask its members to disband the self-insurance group, which has been as "underfunded" by state regulators. The New York Workers' Compensation Board has identified six of the seven group trusts administered by CRM as "underfunded," which means its assets total less than 90% of its liabilities. In a statement, CRM said the HITNY board decided to terminate the trust because of several factors, that combined, "would make remediation from underfunded to funded status difficul...