NAIC Adopts Guiding Principles for Federal Ins Pool Proposals
Wednesday, October 17th, 2001 Catastrophe Legislation & Regulation PropertyThe National Association of Insurance Commissioners has adopted a set of principles it can use to evaluate possible federal terrorism insurance legislation. The group's Catastrophe Insurance Working Group drafted the 19 "guiding principles," which include language endorsing a sundown expiration provision for any new law. The guidelines were adopted by the full NAIC membership with an electronic vote earlier this week. "The NAIC members believe there is a role for the federal government to play, particularly in the near future, to stabilize the property and casualty insurance market," said NAIC President and Kansas Insurance Commissioner Kathleen Sebelius. She added that the NAIC has been providing technical assistance and communicating with U.S. Treasury Department officials as they develop a proposed solution.
