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FOR IMMEDIATE RELEASE NAIC
COMMENDS PASSAGE OF TERRORISM RISK INSURANCE LEGISLATION KANSAS CITY, Mo. (Dec. 18, 2007) - The National Association of Insurance Commissioners (NAIC) commends the U.S. Congress for passing legislation to extend the federal Terrorism Risk Insurance Program (TRIP) for another seven years. "We are pleased that Congress has reauthorized the Terrorism Risk Insurance Program," said NAIC President and Kansas Insurance Commissioner Sandy Praeger. "In the absence of a private market, the program provides essential coverage for policyholders and maintains a crucial safety net for our national economy." The NAIC recognizes House Financial Services Committee Chairman Barney Frank (D-Ma.) and Senate Banking Committee Chairman Christopher J. Dodd (D-Ct.) - as well as Sen. Richard Shelby (R-Ala.), Rep. Spencer Bachus (R-Ala.) and Rep. Mike Capuano (D-Ma.) - for resolving outstanding differences and passing the legislation before TRIP expires Dec. 31, 2007. "This is not just a New York insurance program," said New York Insurance Superintendent Eric Dinallo. "This is a national security program developed so that acts of terrorism, wherever they occur, will not dictate where and how we do business." While Congress has agreed on reauthorization language, the bill must still be signed into law by President George W. Bush before year-end to ensure economic stability. Once enacted, the NAIC will work with the U.S. Department of Treasury and the insurance industry to quickly implement this critical program.
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 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 at www.naic.org/press_home.htm.
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©2007 National Association of Insurance Commissioners. All rights reserved. | ||
