The COVID-19 pandemic has rocked the United States and the sense of security of its citizenry in a way not seen since the tragedies of September 11th, 2001. The insurance industry, like the rest of us, is reacting in real time to the rapidly-evolving business climate, from managing the flow of claims to responding to federal and state-level mandates.
Read MoreA recent S.D.N.Y. opinion authored by Judge Daniels, IN RE: TERRORIST ATTACKS ON SEPTEMBER 11, 2001, 2018 WL 3323159, in an ongoing multidistrict litigation, concluded that reinsurer-plaintiffs seeking to recover damages from aiders and abettors of the 9/11 terrorists are entitled to recoup amounts paid under reinsurance contracts.
Read MoreThis week, the U.S. Department of the Treasury (“Treasury”) promulgated additional rules affecting the Terrorism Risk Insurance Act (“TRIA”), which had been recently reauthorized in late 2015 (the “Rules”).
Read MoreThis week, the National Association of Insurance Commissioners (“NAIC”) provided an update on its TRIA data call initiative (the “Data Call”).
Read MoreIn light of the reauthorization of the Terrorism Risk Insurance Act (“TRIA”) earlier this year, a growing focus within the industry has been on the collection of data on terrorism risk exposure from insurers to help assess company solvency and market trends in light of particular changes to TRIA.
Read MoreMichael McRaith, the Director of the Federal Insurance Office, has offered useful information regarding the TRIA disclosure notices to supplement the February 6 interim guidance. The interim guidance called for an April 13, 2015 deadline for insurance companies to deliver certain TRIA-related notices to policyholders.
Read MoreEarlier this week, the U.S. Department of Treasury Federal Insurance Office released Interim Guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law last month after the prior program had expired on January 1.
Read MoreSince the Terrorism Risk Insurance Program Reauthorization Act was signed into law by President Obama on January 12, many have been waiting on guidance from the U.S. Treasury Department regarding implementation of the new program.
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