National Association of Insurance Commissioners (NAIC) Terrorism Risk Insurance Act Model Bulletin Approved
Jan 28, 2015
The National Association of Insurance Commissioners’ (“NAIC’s”) Terrorism Insurance Implementation Working Group (“Working Group”) advised yesterday, January 27, 2015, that its members have approved a Model Bulletin designed to convey a common message to insurers on implementation issues resulting from the recent Terrorism Risk Insurance Act (“TRIA”) extension.
The Model Bulletin, which includes policyholder disclosures and an Expedited SERFF Filing Transmittal Document, recognizes that most jurisdictions have allowed some coverage limitations related to non-certified acts of terrorism affected by TRIA’s re-authorization. Several jurisdictions have not generally allowed coverage limitations related to other terrorist acts.
Part of the NAIC’s Property and Casualty Insurance Committee, the Working Group noted that each state should review the Model Bulletin’s provisions as they relate to existing state regulatory requirements and determine which correlate to their specific situation.
It was also pointed out that states might wish to distinguish between filing requirements applicable to admitted insurers versus surplus lines carriers.
To view the Model Bulletin, click here.
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