Declarations

Concerns About Claims

“I have a concern that BP is stalling claims. Yes, BP is stalling. I doubt they are stalling for money. It’s not that. I just don’t think they know the answers to the questions (by claimants).”

—Kenneth Feinberg, administrator of a $20 billion compensation fund set up in June to assist victims impacted by the BP oil spill in the gulf, noting that he thinks payments to claimants affected by the BP oil spill are being delayed. Thousands of businesses in U.S. Gulf Coast states have been crippled by the oil spill, which began with an explosion and fire on a BP deepwater rig in April. (Reuters)

Surplus Lines Broker Benefits

“Proper implementation of this bill will provide benefits to surplus lines brokers as they no longer will have to deal with confusing and contradictory tax payment laws.”

—National Association of Professional Surplus Lines Offices’ President Marshall Kath, welcoming the passage of the “Dodd-Frank Wall Street Reform and Consumer Protection Act.” Title V, the insurance title of the bill, includes surplus lines and reinsurance reform and creates a Federal Insurance Office (FIO) that would serve as a non-regulatory insurance informational office at the federal level. The office would also play a role in representing U.S. interests with international insurance agreements.