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The collapse of a group of workers' compensation self-insurance trusts run by a Poughkeepsie-based company is the most extreme such breakdown the field has seen in New York, according to state and industry officials.
The company, Compensation Risk Managers LLC, often called CRM because it is a subsidiary of CRM Holdings Ltd., faces charges from the state Workers Compensation Board, which has threatened to pull CRM's license as a third-party administrator of trusts.
...Such a proposal to strip a company of its administrator license is apparently unprecedented in the decades-long history of self-insured trusts...