AIA Statement on Gov. Haslam’s Signing of Asbestos Bankruptcy Trust Claims Transparency Act

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Ron Jackson, American Insurance Association (AIA) Southeast region vice president, issued the following statement after Tennessee Governor Bill Haslam (R) signed into law SB 2062, which includes both the Asbestos Bankruptcy Trust Claims Transparency Act and the Asbestos Claims Priorities Act.

Ron Jackson, American Insurance Association (AIA) Southeast region vice president, issued the following statement after Tennessee Governor Bill Haslam (R) signed into law SB 2062, which includes both the Asbestos Bankruptcy Trust Claims Transparency Act and the Asbestos Claims Priorities Act.

The Asbestos Bankruptcy Trust Claims Transparency Act will discourage questionable trust claims by requiring asbestos plaintiffs to identify the trust claims they have filed or could file, and to make trust claims materials available to all parties. The Asbestos Claims Priorities Act will preserve the ability of solvent defendants to compensate people who develop cancer and other serious asbestos-related diseases by requiring asbestos plaintiffs to file a verified medical report and diagnosis showing that they meet threshold medical criteria.

Mr. Jackson’s statement follows:

“AIA applauds Governor Haslam for signing SB 2062 into law. SB 2062 is essential to ensuring that legitimate asbestos claimants will be able to obtain reasonable recoveries from both bankruptcy trusts and solvent defendants. This will be accomplished by deterring fraudulent and duplicative trust claims and prioritizing the lawsuits of plaintiffs with physical impairment caused by exposure to asbestos over unimpaired plaintiffs.”

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