The Independent Insurance Agents and Brokers of America applauded Senate Judiciary Committee Chairman Arlen Specter (R-Pa.) for moving quickly to hold hearings on proposed asbestos legislation, but says the association and other industry partners would like to see additional protections added to insulate insurers and manufacturers against potential insolvency and to avoid putting asbestos cases back into the court system.
Several industry associations addressed their concerns recently in a hearing before the Judiciary Committee on the Fairness in Asbestos Injury Resolution Act. Specifically, industry groups seek fairness in funding, with insurers paying appropriate amounts toward a proposed trust fund, as well as a national solution providing finality and certainty, with no leakage back into the tort system.
The current bill, the Big “I” and other groups complained, allows many claims to be pursued in the tort system and would allow claims to be sent back to the courts if the trust fund were to be depleted. This would not achieve the closure the industry desperately seeks on the asbestos money pit.
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