NAII Says Prepare Now for Terrorism Bill

Members of the National Association of Insurance Commissioners yesterday recommended that insurers take steps to prepare for action by Congress on the Terrorist Risk Insurance Act of 2002. According to NAIC President and Iowa Insurance Commissioner Terri Vaughan, insurers should familiarize themselves with the provisions of the act now and be ready to meet the required and immediate time deadlines should it be enacted into law. "The act requires insurers to move quickly to provide rate quotes for new policies and send disclosure notices to existing policyholders," Vaughan said. "The act pr...