Catastrophic Provision Certified Terrorism Losses

Topics:
Terrorism Insurance
Tags:
Affiliates,
Government,
Homeland Security,
Regulations,
Terrorism,
Terrorism Risk Insurance Act
Source:
National Council on Compensation Insurance

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Overview: Pursuant to section 106(a)(2)(B) of the federal Terrorism Risk Insurance Act of 2002 (“TRIA”), rates and forms filed for terrorism risk insurance coverage are not subject to prior approval or a waiting period under any state law that would otherwise be applicable. Insurers can immediately implement rate changes for coverage of insured losses related to acts of terrorism as defined in TRIA. However, insurers are cautioned that loss cost/rate and form filings are subject to subsequent state regulatory review based upon all applicable laws and regulations not specifically preempted by TRIA. Affiliates are advised to consult the matrix on this web page often for updates on the status of voluntary and residual market filings in the various states.

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Format: PDF | Size: 217KB | Date: Mar 2003 | Pages: 4

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