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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