AIA Hails House Passage of Asbestos Trust Transparency, Tort Reform Legislation
"AIA was pleased to see the passage of H.R. 985, which provides needed transparency to the asbestos trust fund system. We thank Rep.
"The asbestos trusts were established to compensate asbestos victims, and they operate in tandem with the traditional tort system. Unfortunately, they offer only rudimentary reports on the claims they receive and pay. As a result, plaintiffs' attorneys are sometimes able to hide the fact that a single individual is making multiple claims, citing different and contradictory exposure facts, against multiple trusts. This 'double dipping' exposes innocent businesses to abusive lawsuits and deprives the trusts of funds intended for legitimate victims.
"H.R. 985 rectifies this problem by requiring the trusts to file quarterly reports disclosing information on claims and payments to the bankruptcy courts. Importantly, these modest disclosures protect the confidentiality of the victims, while deterring fraudulent and duplicative claims.
"We urge the
[Category: Insurance]
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