ISO Gets TRIA Program Work

NU Online News Service, May 12, 4:21 p.m. EDT?Insurance Services Office Inc. said it has been chosen as a subcontractor to collect and consolidate statistical data for the U.S. Treasury Department's Terrorism Risk Insurance program.[@@]

The size of the contract has not been disclosed, but an ISO spokesman said his firm has already started working on the project in tandem with the program's main administrator, Paragon of Minneapolis.

Under the program, in case of terrorist events designated as catastrophes by the Treasury, Paragon, a unit of Benfield Inc., will receive claims data from insurers, verify the information, and validate payments according to a formula set by the Terrorism Risk Insurance Act.

Jersey City, N.J.-based ISO will then review the data sent by Paragon and cross-check it for quality. Additionally, ISO will also post data electronically to a secure online database.

The Web-based system and the online data will be accessible by the Treasury Department, Paragon and other parties that the Treasury designates. The ISO system will also allow the creation of reports and deal with ad hoc queries required by the Terrorism Risk Insurance program.

"ISO's leadership in managing data in multiple formats is well established in the property-casualty industry," said ISO executive vice president Carole Banfield.

"Working closely with Paragon, ISO will perform data quality checks for accuracy and maintain audit trails for verifying any errors, as well as monitor the claims payments system in case the Treasury activates the Terrorism Risk Insurance program following a terrorist event," Ms. Banfield said.

Special Reports /

ISO Gets TRIA Program Work

Related Stories

Recommended For You