An update on part of the asbestos compensation dynamic in Great Britain. In the UK, most compensation claims are asserted against employers, as opposed to asserting product liability claims. This past July, the FSA published a consultation paper on requiring all insurers to join in tracing historic Employer's Liability (EL) policies so that compensation can be paid from the policy even if the employer no longer exists. A fund also will be set up to pay a small amount of compensation if an insurer cannot be found.
Views on the plan are divergent. A UK victim's rights group distributed a detailed criticism of the short-comings of the working plan. Runoff & Restructuring recently provided a happier summary of the plan and various comments. The period for responding to the consultation ended last week.
According to comments last Friday by Nick Starling of the BIA during an asbestos litigation conference, the same plan remains the plan, at least from the perspective of the insurers. However, implementing legislation is not yet in place, and he foresees it taking until 2014 to have a plan actually in place.