State Regulators Investigate Ground Zero Insurance Situations
New York, NY —
State regulators are looking into why insurance companies haven't made payments at Ground Zero. According to the New York state Insurance Department, seven insurers still collectively owe Silverstein Properties and the Port Authority $1.5 billion in proceeds.
REPORTER: Spokesman Michael Barry says the insurance department is hoping to expedite a lawsuit over the matter.
BARRY: This is material that they're already preparing for use in a court case where they're currently defendants. We're just looking for a more detailed explanation from the insurers as to why they're not paying the Port Authority and Silverstein Properties.
REPORTER: Barry says no laws appear to have been broken by the insurers. One company, Allianz, still owes over half a billion dollars in proceeds for the rebuilding of the World Trade Center. Three of the insurers have given verbal assurance that they would fulfill their obligations.
