National Association of Mutual Insurance Companies (NAMIC) commended the U.S. House Financial Services Committee for its hearing on securities and insurance issues in the aftermath of the Sept. 11 terrorist attacks.
“Even in the face of the largest insured disaster in history, the property/casualty insurance industry is firmly committed to–and financially capable of–meeting its obligations to policyholders,” stated Pam Allen, NAMIC’s vice president-Federal Affairs. “Insurance companies are paying claims now, and the system is working as intended.”
However, Congress should address two issues that can improve the immediate and near-term environment for policyholders and the insurance industry:
· Congress should assure the families of the victims of an expedited compensation process that is free from frivolous litigation.
· We encourage the Congress to collaborate with the property/casualty insurance industry and its regulators to evaluate the impact of the September 11 event and to consider the consequences of future events on the financial security of the industry and individual insurance companies.
“These discussions will help ensure a healthy and stable insurance market that will benefit policyholders and companies,” Allen stated. “We look forward to working with Congress to address these issues.”
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