FOR IMMEDIATE RELEASE

NAIC WORKING GROUP ADOPTS MODEL BULLETIN ON TRIA EXTENSION

KANSAS CITY, MO (December 29, 2005) — During a conference call today, the NAIC’s Terrorism Insurance Implementation Working Group adopted a model bulletin intended to help state insurance regulators advise insurers about regulatory requirements related to the recent extension of the Terrorism Risk Insurance Act (TRIA). The Working Group reviewed changes made to TRIA under the recently signed Terrorism Risk Insurance Extension Act of 2005. President Bush affixed his signature to the bill on Dec. 22, 2005. Thus, Senate Bill Number 467 became Public Law 109-144.

The model bulletin provides guidance to insurers related to rate filings and policy language that state regulators would find acceptable to protect U.S. businesses from acts of terrorism. The model bulletin describes important changes that are contained in the Terrorism Risk Insurance Extension Act and informs insurers regarding whether rate and policy form filings might be needed.

Since the Terrorism Risk Insurance Extension Act has a Jan. 1, 2006 implementation date, timely guidance is essential to assure a smooth transition from the current TRIA requirements.

ABOUT THE NAIC

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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