The Impact of TRIA on Workers Compensation Insurance

Topics:
Workers Compensation
Tags:
Benefits,
Government,
Human Resources,
Payroll Solutions,
Regulations,
Terrorism Risk Insurance Act,
Workers Compensation
Source:
International Risk Management Institute

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Overview: The Terrorism Risk Insurance Act of 2002 (TRIA), will have a significant impact on workers compensation insurance. The TRIA requires property and casualty insurers to offer policyholders insurance for losses resulting from acts of foreign terrorism. Workers compensation insurers are additionally required to provide coverage for war-related injuries and fatalities. In both instances, insurers are backstopped by the U.S. government for a certain percentage of losses under the TRIA. The landscape of workers compensation insurance has been forever altered by the passage of the TRIA. Regulators have mounted a well-thought through coordinated effort to implement Act provisions. Hopefully, similar endeavors will be instigated over the next several months to address the ambiguities that remain. This article will deal with the specific effects of the TRIA on the workers compensation system and its participants.

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Format: HTML | Date: Feb 2003 | Pages: 1

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