New York Insurance Superintendent Howard Mills said he and 13 other state regulators will hold a hearing March 29 on ways to develop a viable market for terrorism insurance.
Mr. Mills said he will chair the session at the hotel Westin New York in Manhattan before a working group of the National Association of Insurance Commissioners.
The results of the testimony before the Terrorism Insurance Implementation Working Group will be condensed for the NAIC, according to a spokesman for Mr. Mills, Mike Barry.
He said the NAIC will send the material to the U.S. Treasury Department for consideration by the Presidential Working Group on Financial Markets in Washington, which is expected to issue a report at the end of September on terrorism risk issues.
The NAIC task force, Mr. Mills announced, will examine possible solutions to ensure continued availability and affordability of terrorism insurance after the federal Terrorism Risk Insurance Act expires Dec. 31, 2007.
The study by the Presidential Working Group was mandated by Congress when it approved the TRIA's two-year extension in December.
Mr. Barry said the NAIC has sent notice of the hearing to most interested parties, and “we hope to generate as much interest as possible.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.