Business Services Industry
Tort reforms at top of industry wish list; Producer, insurer groups back reform of asbestos, med mal, class actions.(Agent/Broker Topics)
Business Insurance, July, 2003
Byline: ALLISON REYNOLDS Agents, brokers and insurers have a long list of legislative concerns this year, and at the top of that list is litigation reform. From asbestos to medical malpractice to class-action litigation, tort reform is one of the most significant legislative battles in Congress today, lobbyists say.
A key issue for producer and insurer groups is reform of the asbestos litigation system, which has led to huge losses for insurers and has driven scores of companies into bankruptcy. "This is a crisis crying out to be resolved after decades of being a black hole,'' said Joel Wood, senior vp of government affairs for the Council of Insurance Agents & Brokers in Washington. An asbestos liability reform bill is being marked up by the Senate...
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