New York’s top insurance regulator has directed insurers this month to detail payouts and reserves for claims in the 2001 World Trade Center attacks in an effort to prompt settlement of the decade-old federal case.
Benjamin Lawsky, superintendent of the Department of Financial Services, says that ongoing claims against the two airlines and security companies, following the 9/11 terrorist attack, has slowed redevelopment and “undermined public confidence in the insurance industry.”
Developer Larry Silverstein has complained to the department about gridlock in settlement negotiations. Federal law limited the insurers’ liability and created a fund that paid victim claims.
Remaining insurer liability is around $2 billion. Lawsky is also seeking insurers’ investment return rates since 2002 and their itemized bailout benefits.
Topics Data Driven Carriers New York
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