Two decades after Integrity Insurance of New Jersey was declared insolvent and put into liquidation, its insureds are still being hit with claims from former workers as they fall ill to asbestosis caused by products they made or used. Now the New Jersey Department of Banking and Insurance, as Integrity's liquidator, is asking the state Supreme Court to reverse a lower court's ruling that limits reinsurers' liability, in order to keep reinsurers on the hook for "incurred but not reported" claims.
October 01, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Two decades after Integrity Insurance Co. of New Jersey was declared insolvent and put into liquidation, its insureds are still being hit with claims from former workers as they fall ill to asbestosis caused by products they made or used.
That means that reinsurers, among whom Integrity spread the risk, could face billions of dollars in “incurred but not reported” (IBNR) claims for decades to come, if the New Jersey Department of Banking and Insurance has its way.
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