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Two Decades After Insurer's Insolvency, N.J. Strives to Keep Reinsurers on Hook
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.
In Wake of Integrity's Downfall, State Strives to Keep Reinsurers on Hook
Two decades after Integrity Insurance Co. 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" claims for decades to come, if the New Jersey Department of Banking and Insurance has its way.
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