Last year the Legislature passed and Gov. Paterson signed into law legislation to improve transparency and strengthen regulation of group self-insured through regular review of trust finances by independent actuaries, heightened penalties for misconduct and the establishment of procedures to ensure that underfunded trusts become fully funded. These new regulations are intended to address the current strain on the workers’ compensation system as a result of a handful of group self-insurers that have defaulted in recent years. The legislation also created a task force to make recommendation regarding possible reforms for workers’ compensation group self-insured trusts.
“I look forward to serving on the task force and helping to develop positive long term recommendations that can help strengthen the state’s workers compensation system, prevent future defaults and ensure the viability of group self-insurers,” said Magaril.
About PCI
PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $176 billion in annual premium, 35.9 percent of the nation’s property casualty insurance.