Cuomo Proposes Worker's Compensation Financing Plan

New York Governor Andrew Cuomo has recently proposed an unusual plan to relieve the debt of some 10,000 state-wide businesses who are members of failed, dissolved or defaulted group insurance trusts so that they can better provide coverage for work-related injuries. The idea is to rearrange financing through public channels to cover about $800 million in Workers’ Compensation liabilities. Specifically, it will permit the Workers’ Compensation Board to issue bonds to cover liabilities through the Dormitory Authority of New York. For more information on this proposition, go ahead and check out this link.