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Late News; Senators seek changes in asbestos bill.

Publication: Business Insurance
Publication Date: 04-AUG-03 		Format: Online - approximately 1127 words
Delivery: Immediate Online Access
Full Article Title: Late News; Senators seek changes in asbestos bill.(CIGNA examines future of retirement business)(Asbestos claims limited by arbitrator)(Liability coverage costs still soaring: RIMS)(COBRA coverage extended for Bethlehem workers)(Pennsylvania regulators appeal Legion ruling)(Princeton Insurance halts med mal writings)(ACE first-half profits more than double)(Second quarter gains fuel XL first-half results)(Rate hikes boost PacifiCare earnings)(Net income up sharply at USI)(Chubb Corp. posts first-half growth)

Article Excerpt
Five Republican members of the Senate Judiciary Committee are seeking changes in an asbestos liability reform bill approved by the committee last month. The bill would replace the current litigation-based system for compensating victims of asbestos-related disease with a $108 billion trust fund. The senators called the "means chosen'' to meet the goal as "susceptible to abuses.'' One of the possible abuses they cited is misuse of medical claim criteria to allow claimants to collect from the fund for injuries not caused by asbestos.

CIGNA examines future of retirement business

CIGNA Corp. is exploring "strategic alternatives'' for its retirement and investment services business, which include divesting the business or placing it with a separate operating company with its own financial ratings. The announcement came shortly before CIGNA reported net income of $183 million for the first half of 2003, a 57.6% drop from the prior-year period. John Ward, chairman of the Ward Group, said his interpretation of the announcement is that "they intend to divest if they can...

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