The World Trade Center Captive Insurance Company was created by New York City

New York City

New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

 with funding from the U.S. Federal Emergency Management Agency

Federal Emergency Management Agency

The Federal Emergency Management Agency is an agency of the United States Department of Homeland Security, initially created by Presidential Reorganization Plan No. 1 of 1978 and implemented by two Executive Orders...

 (FEMA) in July 2004, as directed by Public Law 108-7. The law provides up to $1 billion to create an insurance company to cover the risks assumed by the city and its contractors working without commercial insurance coverage, in claims resulting from work done subsequent to the September 11 attacks.

WTC Captive has been criticized by Congressman Jerrold Nadler

Jerrold Nadler

Jerrold Lewis "Jerry" Nadler is the U.S. Representative for , serving since 1992. He is a member of the Democratic Party.The district includes the west side of Manhattan from the Upper West Side down to Battery Park, including the site where the World Trade Center stood...

for spending $103,700,734 on legal fees while paying out only $320,936 in medical claims.

On June 10, 2010, a new settlement was announced giving plaintiffs $712.5 million and reducing payouts to lawyers.