NAII Questions Treasury Authority Washington

The Treasury Department has no authority to promulgate financial standards for federally approved insurers under the Terrorism Risk Insurance Act, the National Association of Independent Insurers says.

In comments filed with the Departments Office of Financial Institutions, the Des Plaines, Ill.-based association said that while it understands Treasurys desire to standardize the financial criteria for insurers participating in the Terrorism Risk Insurance Program (TRIP), the legislation does not grant Treasury this authority.

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