ISO to File Policy Forms and Rates re Terror Act

Insurance Services Office, Inc. (ISO) will file commercial lines policy forms and rating information in response to the Terrorism Risk Insurance Act of 2002 passed by Congress. The law provides financial backing by the federal government for insurance losses certified by the Secretary of the Treasury as "acts of terrorism." To be certified, an act of terrorism must result in more than $5 million in property and casualty losses; involve violence or danger to human life, property or infrastructure; and be perpetrated by someone acting on behalf of a foreign person or interest. "We are committ...