NAMIC Addresses Capital Markets Panel Examining Availability of Terrorism Insurance

The executive vice president & general manager of North Carolina Farm Bureau Mutual Insurance Company will address the House Financial Services Capital Markets Subcommittee today on behalf of the National Association of Mutual Insurance Companies (NAMIC).

Bill Pollard will participate in a roundtable discussion with members of the House Financial l Services Capital Markets Subcommittee, chaired by Rep. Richard H. Baker (R-La.). The roundtable discussion will examine various terrorism risk insurance proposals.

“NAMIC appreciates the Committee’s effort to bring this issue into focus, and is encouraged by activity in Congress to establish a federal backstop,” said Pam Allen, vice president-federal affairs. “NAMIC’s preference is for a program with retention levels based on individual company surplus rather than industry-wide and for a single definition of terrorism.”

Pollard is also speaking on behalf of the National Association of Independent Insurers.

In addition to Pollard, those expected to participate in the informal briefing for the Subcommittee are:

Sheila C. Bair, Assistant Secretary, Financial Institutions, Treasury Department – tentative

Tom Gallagher, Treasurer, Insurance Commissioner and State Fire Marshal,

State of Florida, Member of the National Association of Insurance Commissioners

Edmund F. Kelly, president & CEO, Liberty Mutual Group

John T. Sinnott, chairman & CEO, Marsh Inc.

Franklin W. Nutter, president, Reinsurance Association of America

Terry Broderick, president & CEO, Royal SunAlliance USA Inc.

Travis Plunkett, Consumer Federation of America

Larry Cluff, Government Accounting Office

Tom Miller, Cato Institute

David Keating, senior counselor & Board of Directors member, National Taxpayers Union

Steve Wechsler, president and CEO, National Association of Real Estate Investment Trusts.