Latest Political Risk Headlines
All the headlines from our Political Risk Topic Page, ordered by recency.
NY Rejects Broad Terrorist Exclusions
Jan 9 2002 // New York State Insurance Department Superintendent Gregory V. Serio has reportedly rejected requests from the insurance community and the NAIC to permit the endorsement of broad “terrorist exclusion” provisions...
RIMS Urges Congress to Readdress Need for Terrorism Reinsurance
Dec 28 2001 // With the Senate not addressing the issue of federal terrorism reinsurance legislation before the end of the year, The Risk and Insurance Management Society Inc. (RIMS) expressed its disappointment. The Jan. 1 renewal date...
Council of Insurance Agents + Brokers Responds to Failure of Federal Terrorism Reinsurance Legislati
Dec 24 2001 // In response to no Congressional action being taken on federal terrorism reinsurance legislation died in 2001, Ken Crerar, president of The Council of Insurance Agents + Brokers, stated that the move was a disappointment to...
Insurers Lament Senate Inaction on Crucial Federal Terrorism Insurance Legislation
Dec 21 2001 // The push to enact federal terrorism insurance before the end of the year failed on Dec. 20 after promising Senate legislation was held hostage because some provisions ran contrary to the trial lawyer’s agenda,...
ABA Sets Up Task Force on Insurance and Terrorism Claims
Dec 21 2001 // The American Bar Association announced the creation of a Task Force on Insurance and Terrorism Claims to address insurance issues arising out of the terrorists attacks on the World Trade Center and the Pentagon. The...
NAMIC Creates ‘Terrorism Re’ Channel
Dec 19 2001 // Responding to the need by National Association of Mutual Insurance Companies (NAMIC) members and the industry for late breaking information regarding the terrorism debate on Capital Hill, and because NAMIC believes that it...
NAMIC Calls for One Definition of Terrorism
Dec 17 2001 // The National Association of Mutual Insurance Companies (NAMIC) commented on a draft definition of terrorism released recently by an Ad Hoc Committee on Legal Issues of the National Association of Insurance Commissioners...
RIMS Tells NY Assembly to Support Adoption of Federal Terrorism Law
Dec 14 2001 // The Risk and Insurance Management Society urged the members of the New York State Assembly Insurance Committee not to permit terrorist exclusions at the state level, but to work with insurance industry leaders to assure...
AIA Testimony Calls for Protection against Future Terrorist Attacks
Dec 13 2001 // Insurers are fully meeting their promises to policyholders in the wake of the Sept. 11 terrorist attack on the World Trade Center; however, a federal backstop is needed to provide protection against future terrorist...
House Passes Terrorism Risk Protection Act, Attention Now Turns to Senate
Dec 10 2001 // In what is viewed by many leading insurance industry organizations as a significant step in the right direction, the U.S. House of Representatives passed the Terrorism Risk Protection Act (HR 3210) by a vote of 227-193 on...
A Teutonic Call For ‘Unconditional Rethinking’ on Political Risk
Dec 10 2001 // The ramifications of the Sept. 11 terrorist attacks on the insurance industry are becoming more and more apparent. While the attacks are portrayed as the worst ever on U.S. soil, the repercussions continue to affect...
Munich Re Posts $1 Billion 3Q Loss, Comments on Terrorism Coverage
Nov 30 2001 // Munich Re, the world’s largest reinsurer, suffered a commensurately large loss in the 3rd quarter of €1.2 billion ($1.05 billion) after tax. In addition to the estimated €2.1 billion ($1.85 billion) losses...
House Passes Terrorism Reinsurance Bill
Nov 30 2001 // The U.S. House of Representatives passed the Terrorism Risk Protection Act (HR 3210) by one vote of 227-193 on the afternoon of Nov. 29. According to the Independent Insurance Agents of America (IIAA), the legislation...
U.S. Financial Firms, Law Enforcement Seek Ways to Track Terrorists
Nov 28 2001 // The leading U.S. financial firms and law enforcement agencies are mulling over an agreement that would give authorities sweeping power to track terrorists using the financial system, the Wall Street Journal reported. The...
House Likely to Move on Terrorism Bill
Nov 20 2001 // The House will move swiftly after the Thanksgiving recess to put into law a terrorism insurance bill aimed at preventing an economic crisis if coverage is not available after Jan. 1. According to The Washington Post,...
Insurers Seek Permission From State Regulators to Exclude Terrorism
Nov 19 2001 // In the wake of the Sept. 11 terrorism attacks, insurance companies have begun seeking permission from state regulators to exclude terrorism coverage from a number of policies in 2002, including home, auto and life....
S&P: Company Ratings Could Suffer in Federal-State Squeeze on Terrorism Risk
Nov 13 2001 // Commercial insurers face a potentially untenable situation if the federal government fails to pass legislation that would help cushion terrorism costs to the industry by the end of November, and if state insurance...
IIAA Looks at Terrorism Bill Vote as Momentum Builder
Nov 13 2001 // A vote by the House Financial Services Committee last week to approve legislation to aid insurance consumers following future terrorist attacks serves as a momentum builder on Capitol Hill, according to Independent...
NAMIC Addresses Capital Markets Panel Examining Availability of Terrorism Insurance
Nov 2 2001 // 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...
NAIC Outlines Principles for Federal Role in Terrorist Insurance Coverage
Oct 29 2001 // In Congressional testimony, National Association of Insurance Commissioners (NAIC) President and Kansas Insurance Commissioner Kathleen Sebelius outlined the NAIC’s suggested role for the federal government in...
