A resolution adopted by the National Conference of Insurance Legislators’ (NCOIL) Property Casualty Insurance Committee is a positive step toward resolving the asbestos crisis facing the nation, according to the Alliance of American Insurers.
“NCOIL’s resolve to get state legislatures and Congress to act on the asbestos issue shows an acute awareness by those lawmakers most knowledgeable about insurance that asbestos liability is a serious threat to the solvency of many insurers and must be addressed,” said John Lobert, senior vice president of state government affairs for the Alliance.
“NCOIL has seen the potential for an asbestos solution being debated in Congress and fully supports a federal solution. But they also realize that, while desirable, that may not happen. Therefore, we applaud their decision to also support state initiatives to remedy the crisis.
“State legislators must realize the impact that ongoing asbestos litigation is having on their individual state economies. It’s bankrupting companies, eliminating thousands of jobs and pensions, and harming those who are truly sick from asbestos and deserving of appropriate compensation.”
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