Liability Insurance: Hearing Before the Subcommittee on Antitrust, Impact of Deregulation, and Privatization of the Committee on Small Business, House of Representatives, One Hundredth Congress, First Session, Washington, DC, May 13, 1987, Volume 4 |
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American Insurance Association ance antitrust exemption availability and affordability believe Bill Richardson captive insurance Chairman ECKART Chamber of Commerce CHEEK civil justice claims commercial liability insurance commercial lines committee competition CONGRESS THE LIBRARY DEBEVC distributor effective date enacted exposure Federal product liability Federation of Independent flex-rating going Griffith Hairlox HILER House Bill industry's insurance business Insurance Commissioner insurance companies insurance industry insurance rates issue lawsuits legislation Leslie Cheek liability crisis liability insurance crisis LIBRARY OF CONGRES LIBRARY OF CONGRESS limited litigation loss and expense manufacturers MARTINEZ McCarran-Ferguson Act medical malpractice million in coverage MOTLEY NFIB members North Carolina NWSA members operating Piper Aircraft prior approval problem product liability insurance product liability law product liability reform RANKIN rate filing rate increases rating law regulation repeal risk Senate Bill small business community small business owners subcommittee Thank tort reform tort system U.S. Chamber underwriting welding supply WESCAP
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Page 75 - The Chamber's mission is to advance human progress through an economic, political and social system based on individual freedom, incentive, initiative, opportunity and responsibility.
Page 105 - FINAL RECOMMENDATIONS WHITE HOUSE CONFERENCE ON SMALL BUSINESS 1 Because the liability insurance crisis in the United States has not only become a life and death sentence to many small businesses, but also is changing adversely our way of life, we must pursue a four-pronged effort at reform: civil justice reform; uniform standards for product, professional, and commercial liability; regulation of the insurance and reinsurance industries; and viable affordable alternatives to liability coverage. We,...
Page 56 - STATEMENT OF FRANK S. SWAIN CHIEF COUNSEL FOR ADVOCACY US SMALL BUSINESS ADMINISTRATION BEFORE THE COMMITTEE ON SMALL BUSINESS OF THE UNITED STATES SENATE ON "NEW DIRECTIONS FOR SMALL BUSINESS AND HEALTH CARE
Page 106 - ... the payment of claims, with the fund being regulated in the same manner as any other insurance company. 6. Require the insurance industry to make complete Financial disclosures by lines of insurance, so that Congress, state legislatures, and state insurance commissioners may call on this information at any time. d. Education: Realizing that the most effective long-term solution to the liability insurance problem is a knowledgeable citizenry, we urge an ongoing education program to develop an...
Page 91 - This year the same coverage costs $8000. — A plumbing and heating contractor in Warren, New Jersey received notice that his policy had been cancelled without explanation. --An aircraft corporation in Waco, Texas paid $25,000 in 1983. $50,000 in 1984, and $200,000 in 1985 for $2 million in coverage — A f ive-and-dime store in New Lexington. Ohio has seen premiums increase 20% between 1984-1985 and 50'
Page 106 - Promote tax-deductible self-insurance through risk pooling and other group arrangements, including the expansion of the Risk Retention Act of 1981. 5. Legislate a self-insurance system that would allow small businesses to pay premiums into a fund with pre-tax dollars. The fund could be used for no other purpose than the payment of claims, with the fund being regulated in the same manner as any other insurance company. 6. Require the insurance industry to make complete...
Page 105 - Limit attorney contingency fees to reasonable amounts, on a sliding scale. 7. Reduce awards in cases where a plaintiff can be compensated by certain collateral sources, to prevent windfall double recovery. 8. The prevailing party in a legal action should have a statutory right to recover costs and attorney fees from the non-prevailing party 9. Impose a uniform, reasonable statute of limitations and repose in all tort actions, and hold defendants to the state-of-the-art in existence at the time a...
Page 105 - ... uniform, reasonable statute of limitations and repose in all tort actions, and hold defendants to the state-of-the-art in existence at the time a product was manufactured or a service was performed. 10. Provide for periodic instead of lump-sum payments for future medical care or lost income. 1 1 . Encourage use of alternative dispute resolution mechanisms to resolve cases out of court. b. Federal Standards for Product, Professional, and Commercial Liability: Establish a uniform standard of fault-based...
Page 11 - Thank you, Mr. Chairman. I want to thank all of the witnesses for appearing here today and lending their perspectives to this debate.
Page 96 - ... management of investments made by the insurance companies, and they point to the companies' strong performance in the stock market as evidence of the healthy financial status of the industry as a whole. One other group must be mentioned. The insurance commissioners have done little f ingerpointing except at erroneous predictions regarding interest rates, upon which they made many decisions. Although they must operate within statutory limits, they all have authority to review rates either before...