Insurance industry: Agents bask in class-action victory, set sights on reform bills for asbestos and medical malpractice claims

(3/7/2023) -- The National Underwriter Company reports that the insurance industry--delighted by the limits on class-action lawsuits measure signed into law by the President--is now setting its sights on “broader legal changes, including asbestos and medical liability.”

According to a Feb. 28, 2005 article, enactment of the Class-Action Fairness Act is an important first step in creating needed legal reform in America, said IIABA Chief Executive Officer Robert A. Rusbuldt, who along with IIABA President Tom Grau attended the presidential bill signing ceremony at the White House. This bill will strike a balance, in class-action cases, between the needs of consumers and small businesses, and the Big I has been pushing for this solution for years.

The article also quotes David A. Winston, senior vice president for federal affairs at the National Association of Mutual Insurance Companies, who acknowledged that NAMIC wholeheartedly agrees with President Bush s statement in his State of the Union address that justice is distorted and our economy is held back by irresponsible class actions and frivolous asbestos claims.