The insurance industry is prepared to resume critical operations promptly following a terrorist attack, but state regulators should work to ensure that systems are in place to deal with such a disruption, the U.S. Government Accountability Office has warned.
In a report, GAO recommended that state regulators, working through the National Association of Insurance Commissioners and appropriate state officials, ensure that capabilities are put in place for recovering critical insurance functions following a terrorism disruption. The report was sought by Rep. Mike Oxley, R-Ohio, chair of the House Financial Services Committee.
GAO examiners voiced concern over the fact that among state regulators they spoke to, one had no backup computer systems, one had no business continuity plans, and one had neither.
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