PCI Reports Asbestos Trust Fund Must Ensure Finality

Property Casualty Insurers Association of America senior vice president, government affairs, Carl Parks, on Wednesday released the following statement on the proceedings before the Senate Judiciary Committee on the proposed asbestos trust fund:

“Senate Judiciary Chairman Arlen Specter (R-Pa.) is to be commended for his work in attempting to find compromise on legislation to solve the asbestos litigation crisis. However, if insurers are to be a part of that fund, it must bring a final and affordable end to the asbestos nightmare.

“As finality is an essential part of any agreement, all asbestos-related claims must be covered under the legislation to prevent leakage and any back door access to the tort system. PCI is very concerned about the potential for so-called “double dipping” in which lawyers restyle the claims of asbestos plaintiffs who have already received recovery funds as silica lawsuits.

“The permanent solution to the asbestos crisis must contain strong provisions that ensure plaintiff attorneys do not convert tens of thousands of unimpaired asbestos claims into silica claims.”