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 Carriers Data Driven New York
Was this article valuable?
Here are more articles you may enjoy.
Barge Looted in the Bahamas Returns to Florida but Insurance Claims Mounting 
‘Clear Soft Market Conditions’ for Commercial P/C Lines in Q3, Says CIAB 
Homesellers Pull Listings Off Market as Interest Fades 
Massive Wildfire Liabilities Push Utilities to Use AI to Stop Blazes From This Issue
