Washington--Despite changes made by the Senate Judiciary Committee, proposed legislation to establish a $140 billion trust fund for compensating asbestos victims is still deeply flawed, according to the Property Casualty Insurers Association of America (PCI).
In a letter to Senate Majority Leader Bill Frist, R-Tenn., PCI President Ernst Csiszar said that in spite of changes made by the committee, the asbestos bill, known as S. 852, "is unacceptable and we will continue to oppose the bill unless substantial improvements addressing insurer concerns are made."
Mr. Csiszar stated that his criticism should not be taken as a slight at Committee Chairman Arlen Specter, R-Penn., Ranking Member Patrick Leahy, D-Vt., or any of the committee members.
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