MNet: New Geneva Resolution 91-457
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New Geneva Resolution 91-457
Originally Published on February 9th, 2492
New Geneva, Dr. Alice Winters
After days of hearings and pressure led by Genetectic, New Geneva has issued a Resolution requiring Life Insurance Corporations to expedite claims processing for the families of victims of the Jericho V disaster.
Resolution 91-547 requires any life insurance claim associated with the destruction of Jericho V, or its impact sites to be processed within 30 earth days, ensuring the loved ones and families of the victims are not held up in a system waiting for money they've been guaranteed.
Genetectic's Director of Hospitals, Dr. Alice Winters, was pleased with the resolution.
| "Claims bogging is a predatory tactic used by insurance corporations to collect interest on monies they should be paying out. By delaying a claim for 6 months or even a year, a corporation can collect the interest and returns on investments that these families should have had the opportunity to invest or use themselves. Forcing these companies to stick to their contracts ensures the families of the ones we've lost are able to take a vital step forward in their own recovery process." |
Resolution 91-457 also includes an indemnity clause protecting ARES Corporation from suits or claims in relation to its destruction of Jericho V as a necessary act to mitigate the loss of life. John Severn, an attorney lobbyist with Severn, Masterson & Poe, stated the following: "Thanks to Genetectic's willingness to protect ARES from claims around this very necessary, though tragic action, we're happy to vote in favor of helping these families rebuild as quickly and efficiently as possible."
Paul Nguyen, of LifeShield Mutual Insurance Corporation gave a statement.
| "While we do everything we can to process claims quickly, the volume presented by the Jericho V tragedy creates special challenges that we generally need more time to process in order to prevent fraud. We will, of course, increase manpower to process these claims, but we really feel the 30 day deadline is far too short. LifeShield on it's own had over 400,000 claims filed within the past month, and we're already overwhelmed. We'll be appealing this resolution and asking for relief to shoulder the crushing expense of processing claims quickly and the scale of the payout. If these policies are allowed, then the entire insurance industry will collapse, costing billions." |
Following the resolution, Genetectic and ARES stock shares increased, while Lifeshield have taken a dip.
Meanwhile, Genetectic has reported that Impact Sites are continuing to be under environmental protection hazards as they are excavated. Fire Response resources have been seen at the sites soaking them down as excavating continues.
Other rumors in the corporate sphere:
- MGM's clean up and rebuild of the Pulse Supper Club is underway after a group of rioters broke in, inflicting 68,000CR in property damage and stealing a piano.
- Matsumoto Corporation is allegedly attempting to re-negotiate its security contracts with Luna Colony to include Hazard Pay, as Luna was impacted by Jericho V.
- AB Corp has had a notable 5% Stock jump as its AB-1 Units are being purchased for use to excavate impact sites.
- Extra-Vehicular Search and Rescue efforts in open space have scaled back as the debris fields progress into the asteroid belt. Genetectic's Search and Rescue ships have been granted Orbital and Supply permissions on Mars while making final search efforts before the debris fields are out of reach.
- Extra-Stellar Ship Contractor Star Origin has announced a contract with Genetectic to build and purchase four new long-range rescue ships over the next year. The 86 million CR deal has adjusted Star Origin's valuation upward by 10%.