The National Association of Independent Insurers (NAII) submitted comments on the interim final rule implementing the Terrorism Risk Insurance Act.
“NAII appreciates the efforts of the Treasury Department in issuing the interim final rule. This rule represents a good first step toward effective implementation,” said Carl Parks, senior vice president, government relations. “We believe that additional rules need to be issued as soon as possible, and welcome the opportunity to submit comments on those rules as they are released.”
Specific concerns raised with Treasury in the solicitation for comments include the establishment of financial standards for federally approved insurers. “The use of the Terrorism Risk Insurance Act to establish federal financial standards for insurers would be inappropriate,” said Parks.
NAII also urged Treasury to move expeditiously with regulations to outline claims processing procedures, the determination of a “certified” event, treatment of residual market entities and reporting requirements.
“Our goal is to continue to work with Treasury to implement the terrorism risk insurance programs efficiently and effectively and as quickly as possible,” said Parks.
The Treasury Department released the rules as interim final on Feb. 25, 2003, and they were formally published in the Federal Register on Feb. 28, 2003 at 31 CFR Part 50.
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