The Treasury Department has announced interim guidance for the insurance industry in meeting certain requirements under the
Terrorism Risk Insurance Act of 2002.
Treasury Under Secretary Peter Fisher, joined by Terri Vaughan, president of the National Association of Insurance Commissioners (NAIC), provided property/casualty insurers with specific information on how to begin implementing the notice and disclosure, and make available additional details and guidance.
“NAII is pleased that Treasury has provided guidance so quickly to insurance companies faced with immediate compliance concerns. We look forward to working closely with Treasury and with the NAIC to further develop effective requirements. Implementation is critical to the success of the federal program,” Carl Parks, National Association of Independent Insurers’ (NAII) senior vice president, government relations, said.
Plans to implement the program include:
· Disclosures to Policyholders
· Mandatory Availability
· Property and Casualty Insurance and Direct Earned Premium
· Establishment of a Terrorism Risk Insurance Project Office
The Treasury Department also announced the launch of a Web site to make this information available to the public on Treasury’s implementation of the Act. The site, found at http://www.treas.gov/trip, will provide updated information on the program, including announcements of all rulemakings, interpretive guidance and requests for public comments.
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