NAMIC Suggests Congress Limit Litigation From Terrorist Attacks
Wednesday, September 26th, 2001 Catastrophe Legislation & Regulation LitigationAn insurance group is telling federal lawmakers that they should act to limit some litigation stemming from terrorist attacks. The National Association of Mutual Insurance Companies, based in Indianapolis, Ind. made its comments as the U.S. House Financial Services Committee (FSC) conducted a hearing today on securities and insurance issues following the Sept. 11 terrorist attacks on the United States. "Even in the face of the largest insured disaster in history, the property-casualty insurance industry is firmly committed to and financially capable of meeting its obligations to policyholders," assured Pam Allen, NAMIC vice president-federal affairs. She added that insurance companies are now paying claims and that "the system is working as intended."
