NAIC Backtracks On Lloyd's Treatment
State insurance regulators have backtracked and decided not togrant preferential treatment to Lloyd's of London on fundingrequirements for claims resulting from the Sept. 11 terroristattacks.
During a roundtable discussion last week, the NationalAssociation of Insurance Commissioners, meeting for a Washington,D.C. summit, withdrew its earlier recommendation to allow Lloyd'sextra time to put aside 100 percent of the funding needed for WorldTrade Center losses. The reversal came about while the NAICmembership and the Reinsurance Task Force discussed the need tofully evaluate liquidity issues on a syndicate-by-syndicate basisbefore granting an extension to the entire Lloyd's market.
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