PCI Applauds NAIC Adoption of TRIA Reauthorization Resolution during NAIC Summer Meeting

Indianapolis, IN (WorkersCompensation.com) - The following statement regarding the National Association of Insurance Commissioners' resolution to support reauthorization of the Terrorism Risk Insurance Act can be attributed to Robert Woody, senior counsel, policy for the Property Casualty Insurers Association of America.

"With the adoption of a resolution calling for the reauthorization of the Terrorism Risk Insurance Act (TRIA), state regulators have added another important voice of support for prompt action by Congress.

"The Property Casualty Insurers Association of America (PCI) is encouraged by the action of the National Association of Insurance Commissioners (NAIC) on TRIA during its Summer National Meeting in Indianapolis. Support from organizations such as the NAIC is critical in demonstrating the importance of reauthorization.

"Significant sectors of our economy are dependent on the availability of terrorism insurance and this coverage would not be available for those risks that need it most without TRIA. Terrorism risk insurance focuses on protecting economic development and jobs.

"PCI is a strong supporter of a long-term reauthorization of the Terrorism Risk Insurance Act as it is critical to the stability of the American economy."

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation's property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

Share This Article: