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Regulation Focus - US regulators hit out against asbestos litigation.
(From Reinsurance)
US regulators have appealed to the US Congress to make any future asbestos legislation fair to insurers.
Members of the National Conference of Insurance Legislator's (NCOIL) property and casualty (P&C) insurance committee have voted unanimously for a proposal calling for reform of the current asbestos litigation system and supporting recent government and industry initiatives aimed at solving the problem of rising claims.
NCOIL is calling on Congress to enact "properly constructed, reasonable and balanced mechanism(s)" for funding asbestos liabilities that include provisions for impaired asbestos victims, a tolled statute of limitations for unimpaired victims and limited consolidation of asbestos claims.
The call for legislative action has been welcomed by the American Insurance Association (AIA), which ...
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