Asbestos Plan Talks Continue
By Steven Brostoff
Washington
The insurance industry continued intense negotiations last week aimed at developing a consensus plan to fund the industrys share of a proposed asbestos claims resolution fund.
Anne Sittmann, a representative of the Des Plaines, Ill.-based National Association of Independent Insurers, said that discussions are ongoing and attempting to address the concerns of some companies.
Sources have told National Underwriter that the concerns revolve around how the insurance industrys $45 billion funding share will be allocated among individual companies.
These sources said that some companies fear they will end up with a disproportionately high liability.
At press time, the Senate Judiciary Committee was scheduled to begin consideration of the asbestos reform legislation, S. 1125.
However, Ms. Sittmann said, the Committee session is likely to be preliminary and probably will not address insurance industry concerns.
The Committee was expected to carry over its consideration of S. 1125 to this week.
Reproduced from National Underwriter Edition, June 23, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved. Copyright in this article as an independent work may be held by the author.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.