AIA Conference Explores Challenges of Terrorism Ins. Law

Top government officials, along with insurance industry experts and leaders, kicked off an American Insurance Association (AIA) conference this week focused on the recently enacted Terrorism Risk Insurance Act of 2002.

“The new law was a landmark event for insurers, and now is the time to focus on the challenges posed by the law and the challenges that are outside its scope,” Debra Ballen, AIA executive vice president, said.

Conference speakers include Special Assistant to the President and Senior Director for Policy at the White House Office of Homeland Security Richard Falkenrath; U.S. Treasury Department Deputy Assistant Secretary for Financial Institutions and GSE Policy J. Patrick Cave; and New York State Superintendent of Insurance Gregory V. Serio.

Falkenrath spoke at the conference’s opening lunch, while Cave and Serio were to speak on Wednesday. The three officials represent the wide range of government involvement in the terrorism risk issue: Falkenrath from the White House, Cave from the U.S. Treasury Department, and Serio as a state regulator.

The conference was to also feature discussions about terrorism risk pricing models, requirements for insurance companies in the event of a loss, and how insurers are dealing with challenges not addressed by the new law.

Other speakers at the conference include legal, public policy and risk management experts and leading executives from insurance companies and the AIA. The conference is the first installment of the American Insurance Association’s “Emerging Issues 2003″ conference series.