The Big“ I” will continue to advocate for legal system reform, particularly more transparency from those funding litigation, while advocating for independent insurance agents. Look out for updates in the News & Views e-newsletter. •
AGENCY RESOURCES
THIRD-PARTY LITIGATION FUNDING REFORM
BIG I CONITNUES TO ADVOCATE FOR CHANGE Excerpts by Raaed Haddad, Big I
Work contunues on the Federal level to address the sophisticated and costly practice of third-party litigation funding( TPLF).
TPLF is a practice that allows outside investors, including foreign governments, to secretly finance lawsuits for profit. TPLF often targets vulnerable litigants with promises of quick cash. Yet, many end up with little or no financial recovery after fees and funder payouts. increase due to excessive lawsuits, even if they had never filed a claim themselves.
The Big“ I” will continue to advocate for legal system reform, particularly more transparency from those funding litigation, while advocating for independent insurance agents. Look out for updates in the News & Views e-newsletter. •
The Big“ I,” along with a strong, diverse coalition of stakeholders, strongly supports reforms to require disclosure of TPLF to all parties and the courts. This coalition has had numerous discussions with members of Congress and their staff, expressing concerns over TPLF.
Meanwhile, a new survey of consumers released by the Big“ I” this week revealed growing concern that excessive and abusive litigation is driving up costs for consumers and reforms are needed.
According to the survey, 64.3 % of respondents said they were concerned about how excessive lawsuits increase their premiums, and 80.5 % believe that the legal system is used in ways that unfairly drive up insurance costs. Overwhelmingly, 8 in 10( 80.3 %) respondents also believed that their premiums would
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