New York State
Insurance Department


ISSUED: 9/26/2001

FOR IMMEDIATE RELEASE

SUPERINTENDENT TESTIFIES BEFORE U.S. HOUSE FINANCIAL SERVICES COMMITTEE
Details the Insurance Industry’s Commitment and Ability to Honor Its Obligations

             Superintendent Gregory V. Serio testified earlier today before the U.S. House Financial Services Committee’s hearing, "America’s Insurance Industry: Keeping the Promise." The hearing chaired by U.S. Representative Michael Oxley, (R) Ohio, focused on the insurance industry’s commitment and ability to honor its obligations resulting from the tragedy on September 11th.

             "While 15 days has elapsed since that day, the financial impact of the disaster is still evolving. To date, I am encouraged by the industry 's response and the responsible judgment they are exercising in making determinations regarding claims made against policies insuring those impacted by the disaster," said Serio. "We want to assure insurance consumers that we will continue to assist them with their claims and we will continue to encourage the industry to respond in good faith by making timely claims payments."

             "Our preliminary analyses indicate that the insurance and reinsurance industry, as a whole, have sufficient assets and liquidity to handle claims arising out of the disaster," Serio continued. "We also have no reason to believe that the companies will invoke exclusions. In fact, all insurers that I have spoken to have stated that they either do not have such exclusions in their policies or that they would not invoke them even if applicable."

             "Equally important to the mission of facilitating the connection between insurers and insureds is the Department’s responsibility to make certain that claims are in fact paid in a timely manner and that there are adequate resources to meet their obligations. Again on both counts, the industry has indicated and exercised a willingness to pay claims," Serio added.

             A copy of the Superintendent’s complete written testimony is available on the Department’s Web site at www.ins.state.ny.us.


News HOME