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FOR IMMEDIATE RELEASE

NAIC SUPPORTS REAUTHORIZATION OF TERRORISM RISK INSURANCE ACT
     

INDIANAPOLIS, Ind. (Aug. 26, 2013) The National Association of Insurance Commissioners (NAIC) passed a resolution supporting the reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire in December 2014.

“We strongly urge members of Congress to reauthorize this critical piece of legislation,” said NAIC President-Elect and North Dakota Insurance Commissioner Adam Hamm. “In addition to providing essential coverage for commercial policyholders, this federal backstop remains an invaluable part of the industry’s ability to preserve its financial protection and maintain risk management.”

Signed into law in November 2002 in the aftermath of the 9/11 attacks, TRIA was established to provide economic stability by making terrorism coverage available to businesses. In 2007, NAIC members testified before Congress on the need to extend the program; Congress reauthorized the program in December of that year.

The NAIC passed the resolution during a meeting of the Government Relations Leadership Council during the Summer National Meeting in Indianapolis. Throughout the course of TRIA’s implementation, the NAIC has provided guidance for state insurance departments and insurers about its regulatory requirements.

Click HERE to read the resolution.
Go to the Terrorism Insurance Implementation (C) Working Group page
Click HERE for more information on TRIA.
Click HERE for more information on the Summer National Meeting.

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About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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