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The National Association of Insurance Commissioners (NAIC) is considering revisions to the Schedule of Premiums and Losses that insurers, listed on the International Insurance Department's (IID) Quarterly Listing of Alien Insurers, must file. These revisions are being considered in order to accommodate reporting changes required by the "Terrorism Risk Insurance Act of 2002." The proposed revision was offered for comment on December 9, 2002. Due to the short time available to implement changes, the comment period closes on December 31, 2002. IID listed insurers are expected be contacted by their United States representative and should comment on this issue to the NAIC through them. If a member does not have a U.S. representative or wishes to comment directly to the NAIC, they may send their comments to the NAIC at the address listed below. To assist members and their U.S. representatives in preparing their comments, NAPSLO has added the proposed revised Schedule of Premium and Losses to its web site (http://www.napslo.org/content/News/BreakingNews/brknews.htm). The NASPLO web site also contains additional material regarding the "Terrorism Risk Insurance Act of 2002," including the Act, itself, and the recently issued U.S. Treasury Department guidelines. Hopefully, this information will be useful to NAPSLO Associate Members in evaluating the proposed revised schedule, assessing its practicality and developing any comments they wish to make about the proposed revised schedule. The "Terrorism Risk Insurance Act of 2002" is a major development in the U.S. insurance market and NAPSLO is working to keep all its members apprised of important information regarding this new law. Send comments regarding the proposed revised scheduled to the NAIC in care of: Mr. Rob Esson Senior Manager, Global Insurance Markets International Insurers Department NAIC 2301 McGee St Ste 800 Kansas City MO 64108-2604 USA Tel: +1 816 783 8131 Fax: +1 816 460 7474 E-Mail: Resson@naic.org |
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