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FOR IMMEDIATE RELEASE

NAIC APPLAUDS PASSAGE OF TRIA & NARAB II

WASHINGTON, D.C. (Jan. 8, 2015) The National Association of Insurance Commissioners (NAIC) commends the U.S. Congress for passing legislation to reauthorize the Terrorism Risk Insurance Act (TRIA) which provides a federal backstop to insurers in the event of a catastrophic terrorist attack. Also included in the legislative package was legislation long supported by the NAIC creating the National Association of Registered Agents and Brokers (NARAB II). NARAB II is designed to streamline the non-resident licensing process for insurance agents and brokers while preserving state regulatory authorities that protect consumers.

“We commend the 114th Congress for taking action so quickly to reinstate this critical program,” said Monica J. Lindeen, NAIC President and Montana Insurance Commissioner. “Both TRIA and NARAB II have been priorities for the NAIC, and their passage this week is a reflection of the strong bipartisan support in Congress for both initiatives.”

“I am grateful that the House and Senate took our concerns seriously and made the reauthorization of TRIA a top priority,” said Senator Ben Nelson, NAIC CEO. “The six-year renewal will bring much needed market stability to commercial policyholders, lenders, builders and businesses.”

About the NAIC

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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