The National Association of Mutual Insurance Companies (NAMIC), the Property Casualty Insurers Association of America (PCI), and the Reinsurance Association of America (RAA) late Thursday issued a joint statement in response to "The Fairness in Asbestos Injury and Resolution Act of 2004," introduced April 7.
NAMIC, PCI, and RAA commended Majority Leader Bill Frist (R-Tenn.) and Senators Orrin Hatch (R-Utah) and Arlen Specter (R-Pa.) for their efforts in negotiating positive and significant changes to the legislation. The associations are pleased that the legislation honors the agreement made last fall to hold insurer contributions to $46 billion over the 27-year program. It is essential to insurers that the Senate resist any and all attempts to bid up the insurance share as the bill progresses through the legislative process.
