Washington--Despite changes made by the Senate JudiciaryCommittee, proposed legislation to establish a $140 billion trustfund for compensating asbestos victims is still deeply flawed,according to the Property Casualty Insurers Association of America(PCI).

In a letter to Senate Majority Leader Bill Frist, R-Tenn., PCIPresident Ernst Csiszar said that in spite of changes made by thecommittee, the asbestos bill, known as S. 852, "is unacceptable andwe will continue to oppose the bill unless substantial improvementsaddressing insurer concerns are made."

Mr. Csiszar stated that his criticism should not be taken as aslight at Committee Chairman Arlen Specter, R-Penn., Ranking MemberPatrick Leahy, D-Vt., or any of the committee members.

Continue Reading for Free

Register and gain access to:

  • 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
NOT FOR REPRINT

© 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.