Washington–Major insurance companies wrote the Senate yesterday they oppose legislation approved by a committee that would tap their revenues for part of a $140 billion trust fund that would be created to settle asbestos health claims.
The bill was reported out by the Senate Judiciary Committee May 26 by a convincing 13-5 margin. In outlining their objections the group appeared to give implicit support for alternative legislation that would merely establish medical criteria for settling claims. That legislation was introduced in May, but only in the House.
The letter adds weight to the prediction of a securities analysis group based in Washington that the asbestos fund bill has little chance to pass this Congress despite the support of the Senate Republican leadership and the Bush administration.
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