FOR IMMEDIATE RELEASE
MILLS TO CHAIR MARCH 29 NAIC TERRORISM INSURANCE HEARING
Superintendent of Insurance Howard Mills today announced that he will chair on Wednesday, March 29, 2006 in New York City a public hearing of the National Association of Insurance Commissioners (NAIC) Terrorism Insurance Implementation Working Group. The Group is examining possible market solutions to ensure the continued affordability and availability of terrorism coverage after the extended federal Terrorism Risk Insurance Act (TRIA) expires on Dec. 31, 2007.
The hearing will start at 9 a.m. at the Westin New York at Times Square, 270 West 43rd Street, at 8th Avenue, Manhattan.
"The purpose of this public hearing is to gather information and develop approaches so that the terrorism insurance marketplace can remain viable well into the future," Superintendent Mills stated.
Under TRIA, the federal government provides a financial backstop for terrorism losses, subject to certain conditions as set forth in the Act.
Scheduled to join Superintendent Mills, the Working Groups chair, at the March 29 hearing are the 14 commissioners on the Terrorism Insurance Implementation Working Group, or their representatives. The NAIC Working Group is comprised of Superintendent Mills, vice chair Merle Scheiber of South Dakota, Julie Benafield Bowman of Arkansas, Susan Cogswell of Connecticut, Matt Denn of Delaware, Thomas Hampton of the District of Columbia, Kevin McCarty of Florida, George Dale of Mississippi, John Morrison of Montana, Tim Wagner of Nebraska, Jim Poolman of North Dakota, Alice Molasky-Arman of Nevada, Ann Womer Benjamin of Ohio, Kim Holland of Oklahoma, and Mike Geeslin of Texas.