AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Regulation news - Asbestos bill fund too small, says CBO.
(From Reinsurance)
A $140bn asbestos-compensation fund being considered by Congress might be too small to cover all the claims of asbestos victims over the next 50 years, according to the Congressional Budget Office (CBO).
The proposed fund, which would be created by the asbestos bill that has been pending for more than a year, would have to pay out between $120bn and $150bn in claims to people who were exposed to the mineral, said the CBO report.
It was impossible to know for sure whether the fund would be adequate over the long term because of the uncertainty about the number of future claims and how many would be approved, the budget office said.
The legislation would take asbestos-injury claims out of court and pay them from the fund financed by defendant asbestos companies and their insurers.
The CBO estimated that, in the first 10 years, the fund would have to borrow almost $8bn to meet injury claims because more than half of all anticipated claims would come in that initial period, thereby outstripping industry contributions.
"The interest cost of ...
- USG Agreement Exposes Multi-Billion Dollar Windfall From Asbestos Bill.
- Press release article from: PR Newswire January 30, 2006 700+ words
...of an agreement on asbestos personal injury claims, as well as its quarterly earnings...agreement to resolve asbestos personal injury claims should show the U.S. Senate once...and "USG's payments for personal injury claims ... would be limited to $900 million...
- Babcock, RPM may take hit with asbestos bill's setback.(RPM International Inc)
- Magazine article from: Crain's Cleveland Business February 20, 2006 700+ words
...billion trust fund to expedite asbestos injury claims filed nationwide. But supporters of...cover nearly 300,000 pending asbestos injury claims. That money then would be folded into...has about 9,000 pending asbestos injury claims. If the legislation was to become...
- Senators push for changes in asbestos bill.
- News wire article from: The America's Intelligence Wire April 26, 2005 700+ words
...best for his plan to remove all current and future asbestos injury claims from the courts and compensate plaintiffs from a $140 billion...out an estimated $70 billion on roughly 730,000 asbestos injury claims, making it the most expensive type of litigation in U...
- Senator seeks new delay to U.S. asbestos bill.
- News wire article from: Knight Ridder/Tribune Business News February 8, 2005 700+ words
...last best chance" to deal with the issue. He has won the support of the White House for the plan to remove thousands of injury claims clogging US courts and bankrupting companies. Lloyd's reinsurer Equitas has millions of dollars in outstanding asbestos...
- Baucus Threatens to Yank Support for Asbestos Bill; Senator Says Provisions to...
- News wire article from: The America's Intelligence Wire December 13, 2005 700+ words
...the country. Baucus, hearing that asbestos bill opponents have attacked the Libby provisions...necessary tax title to accompany the asbestos bill early in 2006. Baucus said today he...I'll yank my support from the asbestos bill in a New York minute if the Libby Fix...
- Mesothelioma Applied Research Foundation: Asbestos Bill Fails to Provide...
- Press release article from: PR Newswire April 21, 2005 700+ words
...effective treatments. We have the resources." Indeed, the asbestos bill will earmark $140 billion into a trust fund over the next...of the Senate Judiciary Committee as they considered the asbestos bill and he described his ordeal with meso. A large percentage...
- Asbestos bill OK'd.
- Magazine article from: Baltimore Business Journal April 8, 1991 700+ words
Asbestos bill OK'd The state of Maryland and local governments stand to gain millions of dollars with a bill passed by the General Assembly...
- Asbestos bill bogged down in committee.
- News wire article from: The America's Intelligence Wire April 28, 2005 700+ words
...lawmakers on Thursday. "I am concerned," said Sen. Arlen Specter, R-Pa., committee chairman and chief author of the asbestos bill, "that if we don't report out this bill today," its momentum could be irrevocably halted. "Amendments, like mushrooms...
- Asbestos bill advances; a 'windfall' for large firms?(UNITED STATES/AMERICAS)
- Magazine article from: Chemical Week Sissell, Kara May 18, 2005 700+ words
Members of the Senate Judiciary Committee have agreed to an amendment to a proposed asbestos bill that would compensate the plaintiffs with the greatest health problems within 30 days of the establishment of a trust funded by...
- Asbestos bill derailed in Senate.
- Newspaper article from: Daily Press (Newport News, VA) February 15, 2006 700+ words
...roadblock could end up killing the measure for the year, although some held out hope of reviving it. The highly controversial asbestos bill, which is backed by President Bush, would require companies that dealt with products containing asbestos to pay into a...
