Reinsurance companies will not have to cover potentially billions of dollars in "incurred but not reported" job-related asbestosis claims made to now-defunct Integrity Insurance Co., the New Jersey Supreme Court ruled on Thursday. The justices held, 3-2, that incurred, unreported claims based on actuarial estimates do not meet the definition of "absolute" under the Rehabilitation and Liquidation Act.
December 14, 2007 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
Reinsurance companies will not have to cover potentially billions of dollars in “incurred but not reported” job-related asbestosis claims made to now-defunct Integrity Insurance Co., the New Jersey Supreme Court ruled on Thursday.
The justices held, 3-2, that incurred, unreported claims based on actuarial estimates do not meet the definition of “absolute” under the Rehabilitation and Liquidation Act, N.J.S.A. 17:30C-1 to -31.
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