Tagged in: TS Employment

Lumberman’s Underwriting Alliance Goes To Liquidation

A Missouri judge ordered Lumberman’s Underwriting Alliance (LUA) into liquidation after the court found that there was no legitimate chance to rehabilitate the troubled workers’ comp carrier. The company was brought down in large part by writing large deductible policies for professional employer organizations (PEOs). The carrier first entered voluntary insurance department supervision when the … Read More »

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Staffing Company Bankrupt – Employers Out in the Cold

Staffing company Corporate Resource Services and its affiliated entities are now in bankruptcy. The move comes six months after disclosing that the professional employer organization (PEO) handling its payroll – and by extension the payroll of its employer clients – owed tax collectors nearly $100 million in unpaid employment taxes. Corporate Resource Services and its … Read More »

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Lumbermen’s Underwriting Alliance Goes Into Rehab

The “voluntary 60-day” regulatory supervision of troubled Lumbermen’s Underwriting Alliance has turned into a full-blown takeover by insurance regulators. “Lumbermen’s Underwriting Alliance is in such a condition that its further transaction of business would be hazardous financially to its policyholders, creditors or the public,” read the court order. The carrier was officially put into rehabilitation … Read More »

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Bankrupt PEO Likely Tanks Carrier Partner

In yet another example of how California Insurance Commissioner Dave Jones has failed to set up proper procedures for the financial surveillance division to monitor the deposits carriers must keep in order to avoid debacles Lumberman’s Underwriting Alliance deposits will likely fall short. As all producers and employers know these deficits are passed through to … Read More »

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Lumbermen’s Is Left Gasping From PEO-Staffing Tax Scandal

“As a result of TS Employment, Inc.’s sudden deterioration, it was determined that LUA’s collateral held was insufficient to fund its large workers’ compensation deductible under the company’s professional employer organization policy.”  Those were the words of A.M. Best about Lumbermen’s Underwriting Alliance, (LUA), as it was put under “voluntary 60-day” regulatory supervision by the … Read More »

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$100 Million In Unpaid Payroll Taxes for PEO / Staffing Co

Corporate Resource Services (Nasdaq: CRRS), a New York-based staffing company with considerable business in California, is in financial straights after its professional employer organization (PEO) TS Employment failed to remit state and federal payroll taxes.  The company owes the IRS $95.2 million in unpaid payroll taxes and another half-million to the California Employment Development Department. … Read More »

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