January 24, 2005
Equitas attacks US asbestos law
Equitas, the reinsurance vehicle set up to rescue Lloyd's of London from towering asbestos liabilities, yesterday blasted a proposed US law that would fail to protect the organisation from going bankrupt.
The Fairness in Asbestos Injury Resolution Act, a bill being laid before the US Senate this week by Senator Arlen Specter, would require US businesses and all insurers with asbestos liabilities to contribute to a $140billion (£75billion) trust that would take over from America's courts in dealing with all US asbestos claims.
Posted by Tom Troceen