The Insurance Services Office Inc. is filing new forms with state regulators that will be compliant with changes Congress made last week in extending the federal terrorism reinsurance backstop.
The Jersey City-based ISO began to submit form and rule filings on Dec. 19 that revise its terrorism programs in response to the measure approved by Congress to extend the Terrorism Risk Insurance Act for another seven years.
President George W. Bush is expected to sign the bill this week, before the TRIA program expires at year's end.
Senior Vice President Kevin Thompson, noting the current act's Dec. 31 expiration date, said ISO has been closely monitoring Congressional action.
"We recognize the need for prompt access to compliant products, and that is why we've geared up to file as quickly as we have," he said.
© 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.