The insurance industry could learn as early as this week the broad outlines and ballpark costs of the so-called third wave of asbestos litigation.That's the timeline Sen. Orin Hatch, R-Utah, chairman of the Senate Judiciary Committee, has established for drafting proposed asbestos litigation legislation as he has woven his way between industry, insurer and labor interests in an effort to forge consensus legislation that will pass the Congress.

Two bills also have been introduced in the House in recent weeks, bills which will likely provide the basis for legislation to be crafted in that chamber, therefore setting the stage for passage of bipartisan legislation this year.

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