The law firm of Morris, Manning & Martin, LLP, has established a new practice group focusing on terrorism’s impact on the insurance industry. Attorneys in the group will closely monitor and advise clients on the implementation of the Terrorism Risk Insurance Act of 2002, (“the Act”) as well as other critical developing issues.
“Prior to the signing of the Act, we were actively advising clients about terrorism’s impact on commercial coverage,” said attorney Robert Myers, of the firm’s Washington, D.C. office. “Passage of the Act accelerated the need to provide timely advice on complying with both federal mandates and state responses,” he adds.
“It’s critical for America to maintain a strong insurance industry if it is to re-build and move on after a terrorist attack,” added Tom Player, who chairs the firm’s Insurance Group. “In order for the insurance industry to adequately respond to a terrorist attack, there must be a thorough understanding of the Act and its consequences to the public,” he adds.
One of the group’s first activities will be to brief insurers and state leaders about the impact of the Act, at the National Association of Insurance Commissioners’ conference in San Diego on Sunday, Dec. 8.
Each of the group’s five initial members has a different area of expertise. In Washington, Myers will focus on the Act’s implications for captives, self-insureds, state funds and workers’ compensation insurers; Joe Holahan will stay apprised of regulations, bulletins and advisories from Congress and the Treasury Department; while Chris Petersen will focus on the Act’s implications for life and health insurance.
In Atlanta, Player will track the Act’s impact on implementation, exclusions and pricing, while Tony Roehl will follow state-by-state implications, and coordinate with the NAIC.
Topics Catastrophe Natural Disasters Market
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