Says Lloyd's Report Is Still In Process

Says Lloyd's Report Is Still In Process

By E.E. Mazier

NU Online News Service, Feb. 15, 11:50 p.m. EST? A report on Lloyd's ability to cover World Trade Center claims by a National Association of Insurance Commissioners panel is still in the review stage, according to a regulator's spokesperson.

The draft report by Georgia Insurance Commissioner John Oxendine, who chairs the NAIC Reinsurance (G) Task Force is being circulated to other Task Force members before the group asks Lloyd's for input. Only then will a final report be given to the NAIC, a spokesperson for Mr. Oxendine said.

Mr. Oxendine expects to issue the finalized Task Force report in the next few weeks, according to the spokesperson. She said a report that the document would be issued sooner is incorrect.

Early news accounts also claimed that the NAIC concluded as of Feb. 12 that the Lloyd's insurance market is able to cover the WTC claims stemming from the Sept. 11 terrorist attack in New York City.

But Mr. Oxendine's spokesperson denied that the commissioner had made any public statements about specifics contained in the draft report.

"The field work for the exam has been finished and a draft report has been written," the spokesperson said.

She added that at this point the report is not public.