NAIC COMMENDS U.S. SENATE ACTION ON KEY INSURANCE LEGISLATION

Oct 18, 2007

The following was just released by the National Association of Insurance Commissioners (“NAIC”):

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NAIC COMMENDS U.S. SENATE ACTION ON KEY INSURANCE LEGISLATION

Banking Committee Passes Bills to Extend Terrorism Insurance Program and Flood Insurance Program

KANSAS CITY, Mo. (Oct. 18, 2007) — The National Association of Insurance Commissioners (NAIC) commends the U.S. Senate Committee on Banking, Housing and Urban Affairs for passing legislation to extend the Terrorism Risk Insurance Program (TRIP) and to reform and extend the National Flood Insurance Program (NFIP).

The NAIC applauds Chairman Christopher J. Dodd (D-Ct.) and ranking member Richard C. Shelby (R-Ala.) for their leadership in working toward bipartisan solutions to address these crucial programs. The NFIP is an important component of the government’s response to natural catastrophes, and availability of flood insurance is crucial to insurance consumers in every state. Similarly, in the absence of a private market mechanism, TRIP is essential to providing economic stability through the availability of terrorism coverage. Both programs represent an effective partnership between the state-based insurance system and the federal government.

“As state insurance officials, part of our responsibility is ensuring that policyholders, whether they are homeowners or commercial entities, have access to the insurance they need to protect their property and conduct their business,” said NAIC President and Alabama Insurance Commissioner Walter Bell. “These programs help realize that goal, so we are pleased to see the Senate Banking Committee move quickly and decisively to pass legislation, and we urge the full Congress to do the same.”
 
About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.

 

 

  

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