A New York captive insurer, formed to cover the liability of NewYork City contractors and subcontractors involved in the WorldTrade Center debris cleanup, said those officials faulting the wayit conducts business do not understand its purpose.
The WTC Captive Insurance Company Inc., backed by $1 billion infederal money, was hit with a letter last week from New YorkInsurance Superintendent Howard Mills, demanding that the NewYork-domiciled operation send his department a "detailed analysisof claims paid and expenses incurred" since the captive'sinception, July 2004.
Mr. Mills wrote, "Few, if any, claims have been paid, butsubstantial sums have been expended by your organization since 2004for professional services."
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