Washington–Major insurance companies wrote the Senate yesterdaythey oppose legislation approved by a committee that would taptheir revenues for part of a $140 billion trust fund that would becreated to settle asbestos health claims.
The bill was reported out by the Senate Judiciary Committee May26 by a convincing 13-5 margin. In outlining their objections thegroup appeared to give implicit support for alternative legislationthat would merely establish medical criteria for settling claims.That legislation was introduced in May, but only in the House.
The letter adds weight to the prediction of a securitiesanalysis group based in Washington that the asbestos fund bill haslittle chance to pass this Congress despite the support of theSenate Republican leadership and the Bush administration.
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