Washington==An amendment to asbestos injury claims legislation designed to win support of business and insurance interests will be taken up tomorrow when the Senate Judiciary Committee resumes work on the bill.
But the amendment, which strengthens the criteria that claimants with terminal illnesses will have to meet to secure fast payment during the startup phase, is unlikely to win the support of key Democrats, according to several lobbyists who have followed the bill for several years.
And, even in the unlikely event the amendment wins the support of Sen. Patrick Leahy, D-Vt., and Sen. Dianne Feinstein, D-Calif., it is still unlikely to win the backing of the big insurance companies who will pay the dominant part of the industry's $46 billion contribution to the $140 million trust fund that would be created to pay claimants, the industry lobbyists said.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.