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THE NEW YORK STATE MOTOR TRUCK ASSOCIATION
COMPENSATION TRUST
Financial Statements as of December 31, 2013 and 2012
Together with Independent Auditor's Report
RECEIVED WORKERS' COMPENSATION
:~PR ~\ o 1\l' Lt ~· SELF iNSURANCE OFFJCE
Bonadio & Co., ILP Certified Public Accountants
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Bonadio & Co., llP Cett ified Public Accountants
6 Wembley Court Albany, New York 12205
p (518) 464-4080 f (5 18) 464-4087
www.bonadio.com
INDEPENDENT AUDITOR'S REPORT
April24, 2014
The Board of Trustees of The New York State Motor Truck
Association Compensation Trust
Report on Financial Statements We have audited the accompanying
financial statements of The New York State Motor Truck Association
Compensation Trust (the Trust) which comprise the balance sheet as
of December 31, 2013, and the related statements of operations and
comprehensive loss, changes in members' equity, and cash flows for
the year then ended, and the related notes to the financial
statements.
Management's responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation
of these financial statements in accordance with accounting
principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of
financial statements that are free from material misstatements,
whether due to fraud or error.
Auditors Responsibility Our responsibility is to express an
opinion on these financial statements based on our audit. We
conducted our audit in accordance with accounting standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Trust's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control.
Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
fContinued\ ALBANY • BATAVIA • BU FFALO • EAST AURORA • GE NEVA
• NYC • 'PERRY • ROCHESTER • RUTLA ND, VT • SYRACUSE • UTI CA
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INDEPENDENT AUDITOR'S REPORT (Continued)
Opinion In our opinion, the financial statements referred to
above present fairly, in all material respects, the financial
position of The New York State Motor Truck Association Compensation
Trust as of December 31 , 2013 and the results of its operations
and its cash flows for the year then ended in accordance with
accounting principles generally accepted in the United States of
America.
Prior Period Financial Statements The financial statements as of
December 31 , 2012, were audited by Stulmaker, Kohn &
Richardson, LLP, who merged with Bonadio & Co. , LLP as of
December 1, 2013, and whose report dated April 17, 2013, expressed
an unmodified opinion on those statements.
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THE NEW YORK STATE MOTOR TRUCK ASSOCIATION COMPENSATION
TRUST
BALANCE SHEETS DECEMBER 31, 2013 AND 2012
ASSETS
ASSETS: Investments Cash and cash equivalents Cash - Escrow
Interest receivable Member contributions receivable, net New York
State assessment receivable Other receivables and prepaid expenses
Income taxes receivable Reinsurance recoverable Deferred income tax
benefits, net
LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
LIABILITIES: Reserves for losses and loss adjustment expenses
Accrued New York State assessments Accounts payable and accrued
expenses Deferred tax liability Escrow payable
Total liabilities
MEMBERS' DEFICIT: Accumulated deficit Accumulated other
comprehensive income, net of taxes
Total members' deficit
2013
$ 1,482,803 1,297,588
340,402 5,324
182,118 101,128 731,960
2,522 309,310
2,015,068
$ 6,468,223
$ 9,123,119
27,000 1,047
340,402
9,491 ,568
(3,024,915) 1,570
(3 ,023,345)
$ 6,468,223
The accompanying notes are an integral part of these statements.
1
2012
$ 3,424,599 1,504,691
340,402 8,593
422,599
382,504 3,030
278,352 1,493,042
$ 7,857,812
$ 9,604,563 104,567 20,250 11,037
340,402
10,080,819
(2,239,560) 16,553
(2,223,007)
$ 7,857,812
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THE NEW YORK STATE MOTOR TRUCK ASSOCIATION COMPENSATION
TRUST
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE YEARS
ENDED DECEMBER 31, 2013 AND 2012
REVENUES: Member contributions earned Member assessment- prior
years, net Reinsurance assessments ceded
Net member contributions earned Investment income, net Other
income
TOTAL REVENUES
OPERATING EXPENSES: Losses and loss adjustment expenses
Management fees General and administrative expenses Bad debts
TOTAL OPERATING EXPENSES
NET LOSS BEFORE INCOME TAX PROVISION (BENEFITS)
INCOME TAX PROVISION (BENEFITS) Current Deferred
Total income taxes (benefits)
NET LOSS
OTHER COMPREHENSIVE INCOME (LOSS) Unrealized net holding gains
arising during the period, net of
income tax benefits of $1 ,047 and $11 ,037, respectively
TOTAL COMPREHENSIVE LOSS
2013
$
40,110
40 110
1,046,949 212,500
57,534 30,000
1,346,983
(1 ,306,873)
508 (522,026) (521 ,518)
(785,355)
(14,983)
$ (800,338)
The accompanying notes are an integral part of these statements.
2
2012
$ 123,538 584,457
(466) 707,529
51,030 2 204
760 763
1,927,017 314,147
73,216 280,000
2,594,380
(1 ,833,617)
1,208 (733,410) (732,202)
(1 , 101,415)
16,553
$ {1 ,084,862)
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THE NEW YORK STATE MOTOR TRUCK ASSOCIATION COMPENSATION
TRUST
STATEMENTS OF CHANGES IN MEMBERS' EQUITY FOR THE YEARS ENDED
DECEMBER 31, 2013 AND 2012
Accumulated Deficit
BALANCE AT JANUARY 1, 2012 $ {1,138,145)
NET LOSS (1,101,415)
Unrealized net holding gains arising during the year, net of
taxes
BALANCE AT DECEMBER 31, 2012 (2,239,560)
NET LOSS (785,355)
Unrealized net holding losses arising during the year, net of
taxes
BALANCE AT DECEMBER 31, 2013 $ {3,024,915)
Accumulated Other
Comprehensive Income
$
16,553
16,553
(14,983)
$ 1,570
The accompanying notes are an integral part of these statements.
3
Total Members'
Deficit
$ (1 '138, 145)
(1,101,415)
16,553
(2,223,007)
(785,355)
(14,983)
$ (3,023,345)
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THE NEW YORK STATE MOTOR TRUCK ASSOCIATION COMPENSA liON
TRUST
STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2013
AND 2012
CASH FLOWS FROM OPERATIONS: Net loss Adjustments to reconcile
net loss to net cash
flows from operating activities: Net gain on sale of securities
Deferred income tax benefits Change in allowance for doubtful
member contributions Changes in operating assets and
liabilities:
Interest receivable Member contributions receivable Other
receivables and prepaid expenses Income taxes receivable
Reinsurance recoverable Reserves for losses and loss adjustment
expenses Accrued New York State assessments Accounts payable and
accrued expenses Income taxes payable
NET CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from investments
redeemed\sold Investments purchased Purchase of certificates of
deposits
NET CASH FLOWS FROM INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS- beginning of year
CASH AND CASH EQUIVALENTS- end of year
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid
during the year for income taxes
2013
$ (785,355)
(4 ,212) (522,026)
30,000
3,269 210,481
(349,456) 508
(30,958) (481 ,444) (205,695)
6,750
(2, 128, 138)
1,921,035
1,921 ,035
(207, 1 03)
1,504,691
$ 1,297,588
$
The accompanying notes are an integral part of these statements.
4
2012
$ (1,101,41 5)
(7,245) (733,41 0) 280,000
(8,593) (186, 196)
(19,525) (3,030)
(27,309) (2, 165,199)
32,066 8,727
(1,323)
(3,932,452)
1,494,090 (4, 120,486)
(763,369)
(3,389,765)
(7,322,217)
8,826,908
$ 1,504,691
$ 561
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THE NEW YORK STATE MOTOR TRUCK ASSOCIATION COMPENSATION
TRUST
NOTES TO FINANCIAL STATEMENTS DECEMBER 31,2013 AND 2012
1. THE ORGANIZATION
The New York State Motor Truck Association Compensation Trust
(the 'Trust") was organized to create an unincorporated association
of motor truck operators within the State of New York to constitute
a workers' compensation self-insurance group, with its initial
fiscal year beginning on July 1, 1994. The Trust operates pursuant
to and in accordance with Subdivision 3-a of Section 50 of the New
York Workers' Compensation Law. The Trust was created to make
available a self-insured workers' compensation program for motor
truck operators in the State of New York, to establish, maintain,
promote and enforce sound safety programs, and to provide a
cost-effective market in which truck operators may obtain workers'
compensation coverage. The Trust is currently managed by an elected
board of trustees and administered by qualified group third party
administrators.
During 2011 the Trust received a letter from the NYS Workers'
Compensation Board (the "Board") advising that the application to
continue operation in 2012 had been denied. Based on that letter
the Trust voted to voluntarily terminate its status as an active
group self-insurer for the Trust effective January 1, 2012. The
plan to terminate was ratified by a vote of the membership on
November 1, 2011. The Trust notified the Board of its decision to
terminate their status on January 1, 2012. Accordingly, the Trust
no longer provides Workers' Compensation insurance coverage. The
Trust continues to operate until all of its claim obligations for
events that occurred on or prior to December 31 , 2011 have been
fulfilled.
The Trust has a contract with a third party administrator
through December 31, 2014.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting The financial statements of the Trust have
been prepared in conformity with accounting principles generally
accepted in the United States of America (GAAP).
Use of Estimates The preparation of financial statements in
conformity with GAAP requires management to make estimates and
assumptions that affect the amounts reported in the financial
statements and the accompanying notes. Significant estimates used
in preparing these financial statements include those assumed in
determining the reserve for loss and loss adjustment expense.
Actual results could differ from those estimates.
Cash and Cash Equivalents Cash and cash equivalents includes
deposits in a financial institution located in Western New York.
Bank deposits, at times, may exceed federally insured limits. The
Trust has not experienced any losses in such accounts and does not
believe it is exposed to any significant credit risk on cash.
The Trust considers cash and cash equivalents to be cash in
bank, savings accounts and money market funds.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
Investments The Trust classifies all marketable securities as
"available for sale". Securities classified as "available for sale"
are carried in the financial statements at fair value. Interest
income is recognized as earned. Realized gains and losses,
determined using the first-in , first-out method, are included in
earnings; unrealized holding gains and losses are reported in other
comprehensive income.
Securities classified as "available for sale" are stated at fair
value, within a hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. This hierarchy consists of
three broad levels: Level 1 inputs consist of unadjusted quoted
prices in active markets for identical assets and have the highest
priority, Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or
liability, either directly or indirectly and Level 3 inputs, which
are unobservable input where there is little, if any, market
activity for the asset or liability at the measurement date and
have the lowest priority.
The Trust invests in various types of investment securities.
Investment securities are exposed to various risks, such as
interest rate, market, and credit risk. Due to the level of risk
associated with certain investment securities, it is at least
reasonably possible that changes in the values of investment
securities will occur in the near term and that such changes could
materially affect the amounts reported in the accompanying
financial statements.
Member Contributions The Trust provides for assessment
adjustments to its members based upon actual payroll information
and accrues such assessments in the year billed. The Trust also
assesses members for deficits based on deficits in prior policy
years. Those assessments are recognized as revenue once an
assessment has been determined and approved by the Trust's board
for billing.
An allowance for doubtful member contributions receivable as of
December 31, 2013 and 2012 was $570,000 and $540,000, respectively.
This allowance was based on member history in the Trust, collection
activity, and recent correspondence between members and the
Trust.
Reserves for Losses and Loss Adjustment Expenses The actuarially
determined reserves for losses and loss adjustment expenses
includes an amount determined from loss reports and individual
cases, an amount for losses incurred but not reported (IBNR)and an
amount for certain New York State assessments. Such liabilities are
necessarily based on estimates and, while management believes that
the amount is adequate, the ultimate liability may vary
significantly from the estimated amounts and could have a material
effect on Members' equity in future periods. The methods for making
such estimates and for establishing the resulting liability are
continually reviewed, and any adjustments are reflected in earnings
currently. The reserves for losses and loss adjustment expense is
reported net of receivables for salvage, subrogation and New York
State Special Disability Fund recoveries of approximately $583,222
and $632,134 as of December 31 , 2013 and 2012, respectively. Loss
reserves were discounted to present value using a 1% and 3%
discount rate for the years ended December 31 , 2013 and 2012,
respectively.
The reserve for loss and loss adjustment expenses includes an
estimate for certain New York State assessments and charges.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)
3.
New York State Assessments
Effective January 1, 2011 , inactive self-insured group trusts
are only responsible to pay New York State assessments under
Section 50-5, which is based on indemnity payments paid by the
Trust times a rate established by the WCB.
The assessment procedure has undergone several changes in recent
years and further changes to the process can be anticipated.
Moreover, rates used for the assessments are highly uncertain.
Elimination of the Special Disability Fund and the recent failure
of several individual and group self-insurers will impact future
assessment rates. The Workers' Compensation Board has been
indefinite with respect to both its estimation expectation and
impending rates of assessment for future periods.
Income Taxes The Trust is a taxable entity, and is required to
file federal Form 1120 PC and its New York State return on a
calendar year basis. Income taxes are based on financial statement
income.
The Trust follows the provisions of Accounting for Uncertainty
in Income Taxes as it related to uncertain tax positions. In
evaluating the Trust's tax provisions the Trust considers future
taxable income, reversal of temporary differences, interpretations
and tax planning strategies. The Trust believes their estimates for
tax provisions are appropriate based on current facts and
circumstances. The Trust is no longer subject to income tax
examination by tax authorities for years prior to the year ended
December 31, 2010.
INVESTMENTS
Investments consisted of the following at:
Gross Cost Unrealized or Holding Carrying
Amortized cost Gains {Losses} Fair Value Value December 31, 2013
Avai lable-for-sale: Certificates of deposit $ 724,244 $ 4,476 $
728,720 $ 728,720 Corporate bonds 451 ,816 4,245 456,061 456,061
Mutual funds- fixed
income 304,126 (6,104) 298,022 298,022 Total available for
sale
sale $ 1,480,186 $ 2,617 $ 1,482,803 $ 1,482,803
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3. INVESTMENTS (Continued)
Gross Cost Unrealized
or Holding Carrying Amortized cost Gains Fair Value Value
December 31, 2012 Available-for-sale: Certificates of deposit $
763,369 $ 4,647 $ 768,016 $ 768,016 Obligations of U.S. 828,097
2,179 830,276 830,276 Corporate bonds 906,153 19,652 925,805
925,805 Mutual funds- fixed
income 899,390 1' 112 900,502 900,502 Total available for
sale
sale $ 3,397,009 $ 27,590 $ 3,424,599 $ 3,424,599
Proceeds from the sale and maturity of investments for the years
ended December 31, 2013 and 2012 were $1,921,035 and $1 ,494,090,
respectively, resulting in gross realized gains of $4,212 and
$7,245, respectively.
The scheduled maturities of fixed maturity investments at
December 31, 2013, were as follows:
Amortized Fair Cost Value
Due in less than one year $ 200,939 $ 201 '140 Due after one
year through five years 250,877 254,921
Total $ 451,816 $ 456,061
Members' equity at December 31, 2013 includes unrealized holding
gains on available for sale securities of $2,617 less related
deferred taxes of $1,047. Members' equity at December 31, 2012
includes unrealized holding gains on available for sale securities
of $27,590 less related deferred taxes of $11,037.
Following is a description of the valuation methodologies used
for assets measured at fair value. There have been no changes in
the methodologies used at December 31, 2013 and 2012.
Mutual funds:
Corporate bonds:
Obligations of U.S. Government corporations:
Valued at the net asset value (NAV) of shares held by the Trust
at year end (level 1 measurements).
Certain corporate bonds are valued at the closing price of
similar assets reported in the active market in which the bond is
traded (level 2 measurements).
Valued at the closing price of similar assets reported in the
active market in which the obligation is traded (level 2
measurements).
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4. RESERVES FOR LOSSES AND LOSS ADJUSTMENT EXPENSES
The following table presents an analysis of the reserve for loss
and loss adjustment expenses, including an estimate of future
losses and a reconciliation of beginning and ending reserve
balances for 2013 and 2012. The reserve is stated on a net basis
after deductions for losses recoverable from reinsurers and
subrogation.
Balance, January 1 Less: Reinsurance receivable at beginning of
year Net balance, January 1 Incurred related to for prior years
Paid related to for prior years Plus: Reinsurance receivable at
year end Balance, December 31
Year Ended December 31, 2013 2012
$ 9,604,563 278,352
9,326,211 1,046,949
(1 ,559,351) 309,310
$ 9,123,119
$ 11,769,762 251 ,043
11,518,719 1,927,018 (4,119,526)
278,352 $ 9,604,563
During 2013, the Trust experienced significant adverse
development in fund years 05/06, 06/07, 07108, 08/09, 2010 and
2011. Approximately twenty claims accounted for over $1.2 million
(net) of the adverse development in these years. During 2012, the
Trust experienced significant adverse development in fund years
06/07, 08/09, 2010 and 2011. Approximately ten claims accounted for
over $1.9 million of the adverse development in these years. In
2013, a portion of the adverse development was directly a result of
the 2013-14 NYS budget which contained a provision closing the Fund
for Reopened Cases (25-a Fund) to new cases.
5. EXCESSINSURANCE
In the normal course of business, the Trust seeks to reduce the
loss that may arise from catastrophe or other events that cause
unfavorable underwriting results by reinsuring certain levels of
risk in various areas of exposure with a reinsurer. Since the Trust
did not provide self-insurance during the years December 31, 2013
and 2012, excess insurance premium expense was $0 for both years.
Amounts recoverable from reinsurers are estimated in a manner
consistent with the excess policy.
The amount of recoveries pertaining to the Trust's reinsurance
contract from losses incurred for the years ended December 31, 2013
and 2012 was $309,310 and $278,352, respectively.
In the event the Trust's reinsurer is unable to meet its
obligations under the reinsurance agreements, the Trust would
continue to have primary liability to members for losses
incurred.
The Trust and its advisors evaluate the financial condition of
its reinsurers on an ongoing basis. Although the Trust only
utilizes a single reinsurer for each loss year, it has not
experienced any losses with a reinsurer and does not believe that
it is exposed to any significant credit risk with reinsurers.
6. MANAGEMENTFEES
The Trust has entered into agreements with third-party
administrators under which they will provide various services
including claims administration, marketing, accounting and general
administration. For the years ended December 31, 2013 and 2012, the
Trust incurred management fees of $212,500 and $314,147,
respectively.
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7. INCOME TAXES
Deferred income taxes are based on the asset and liability
method. Under the asset and liability method, deferred tax assets
and liabilities are recognized for the future tax consequences
attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their
respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are
expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in
income in the period that includes the enactment date.
The tax effects of temporary differenced and carryforwards that
give rise to significant portions of deferred tax assets consist of
the following :
Deferred tax assets: Tax reserve adjustment Allowance for
doubtful member contributions Net operating loss carryforwards
Valuation allowance
2013 2012
$ 658,534 $ 437,460 197,840
1,465,590 (607,848)
219,509 1,843,388 (706,363)
$ 2,015,068 $ 1,493,042
At December 31, 2013, the Trust has federal net operating loss
carryforwards of $4,786,000 expiring in various years through
2033.
8. COMMITMENTS AND CONTINGENCIES
Indemnity Agreements The Trust has entered into an
indemnification agreement with each member to provide workers'
compensation and employer's liability coverage. The agreement
stipulates, among other things, that each member is jointly and
severally liable for the workers' compensation and employers'
liability obligations of the Trust and its members' which were
incurred during the member's period of membership in the Trust,
irrespective of the subsequent termination of the member's
membership in the Trust, the insolvency or bankruptcy of another
member of the Trust, or other facts and circumstances. Accordingly,
the financial viability of the Trust is contingent upon the
financial viability of the individual members. However, recourse
for any and all payments of workers' compensation and employer's
liability benefits covered by the Trust's certificate of coverage
to a member shall first be made from Trust's assets. To ensure the
financial viability of each member, as a requirement for entering
the Trust, each member had to pass a financial security test
developed by the Trust to determine its financial strength. As an
option, a member of the Trust could have put up other collateral in
lieu of taking the financial security test.
New York State Assessments Under New York State regulatory laws,
the Trust is required to pay for its share of various assessments
to the WCB for certain obligations, including but not limited to
the costs of the WCB's operations, and defaulted self-insurers.
Through an assessment under Section 50-5 of the New York State
Workers' Compensation Law, the WCB has taken the position that the
Trust is obligated to contribute a share of anticipated losses of
self-insurance groups that are in default, have closed or have
otherwise failed to meet their obligations. The WCB has not
declared that there is any limit to the Trust's potential
assessments for such failed self-insurance groups. An estimated
reserve for the Trust's exposure to the anticipated losses of the
defaulted trusts has been included in the reserve for loss and loss
adjustment expenses.
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8. COMMITMENTS AND CONTINGENCIES (Continued)
Letter-of-Credit The Trust has a letter-of-credit in favor of
New York State in the amount of $1,155,000. The letter-of-credit is
secured by cash total ing $1,155,000. Should New York State have to
draw upon this letter-of-credit, the Trust could be potentially
liable to the Bank up to $1 ,155,000.
Continuing Operations The Trust's ability to continue as a going
concern is dependent upon it's: a) ability to assess members for
the current deficit and b) to collect those assessments once
billed. Management is planning on future assessments and is
vigorously attempting to collect accounts receivables billed to
members.
9. REGULATORY REVIEW
The Trust is not in compliance with the assets to liabilities
ratio as required by New York State Workers' Compensation Law,
Section 50, Subdivision 3-a, Part 317.9 of the regulations
currently in effect at December 31, 2013 and 2012. Group
Self-Insurers (trusts) who do not meet the ratio requirement are
deemed under-funded and may be subject to regulatory action by the
Board.
The Trust is' required to submit monthly cash flow documentation
to the Board, the purpose of which is to allow the NYS Workers'
Compensation Board to analyze if the Trust has adequate funds,
according to the Board's methodology, that are readily available to
pay claims as they become due. The Board uses a twelve month
rolling average using net claims expense paid to determine a
preliminary calculation for the number of months of cash the Trust
has remaining. Circular 2011-5, issued on August 1, 2011 , provides
guidance to Trusts in run off. The Circular states that if a Trust
falls below eighteen months of unrestricted cash, the Trust must
immediately issue a member deficit assessment billing, and if the
Trust falls below nine months of unrestricted cash, the Board will
immediately assume the administration of the Trust assets and
liabilities and the Board then designate all appropriate key
agents. The Trust was notified by the Board on March 20, 2014 that
it was below the eighteen months of unrestricted cash based upon
the Boards calculation and that the Trust is required to submit a
plan to the Board for future assessments to members. The Trust is
preparing a response to the Board, which will include plans to
assess its members during 2014.
10. SUBSEQUENT EVENTS
Subsequent events have been evaluated through April 24, 2014,
which is the date the financial statements were available to be
issued.
11