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Regulation Focus - AIA calls for support for US legal reforms.
(From Reinsurance)
A senior member of the American Insurance Association (AIA) has called on risk managers to help reduce litigation and reform the US legal system.
Speaking at the Risk and Insurance Management Society's real estate management symposium in October, David Snyder, vice-president of the AIA, said that risk managers have a unique perspective to bring to the debate over the US lawsuit system.
He added that there had been a number of positive developments, such as the passage of federal class action reform legislation, state-based tort reform, and recent US Supreme Court decisions that helped to rein in punitive damages. When combined, he said, these could help to balance the scales of justice.
Mr Snyder said: "These reforms are well overdue. Since World War Two, the tort system has grown exponentially, fuelled by novel theories ably advocated and adopted in court rules and laws, progressive law schools which turned out record numbers of lawyers, and receptive ...
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