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NEW YORKAn investigation into the practices of WTC Captive Insurance Co. is continuing for now.
Late last year, the Department of Homeland Security launched a probe into the captive after Rep. Jerrold Nadler, D-N.Y., charged that it was mishandling its $1 billion in Federal Emergency Management Agency funding by fighting rather than paying claims. The captive indemnifies the city and contractors against liability claims arising from cleanup efforts at the World Trade Center site.
A spokeswoman for DHS said, "what we will have to do is wait to see if (legislation that liquidates WTC Captive) is actually implemented...until it is implemented, we will continue to work on Mr. Nadler's request." A report is slated for release this summer, she said.
A spokesman for WTC Captive said that any suggestion that the captive behaved outside of the mandate set for it by the federal government at the time of its formation is "completely without basis."