September 25, 2001 by Canadian Underwriter
Concerns over the financial solvency of U.S. insurers in the wake of the September 11 terrorist attacks on the World Trade Center and Pentagon should soon be answered. The National Association of Insurance Commissioners (NAIC) says it will be assessing and monitoring insurer solvency and plans a summit to discuss the impacts of the tragedy on insurance companies.
The group’s action plan includes identifying companies heaviest hit by the events, and designating one state to act as "lead" in dealing with those companies. The group has also met already with the International Insurers Department (IID) to discuss monitoring the activities of global reinsurers and insurers, including Lloyd’s of London, states an NAIC press release.
"We are hoping to apply a similar form of assessment and monitoring to U.S. and foreign reinsurers as we are to U.S. insurers," says Kathleen Sebelius, NAIC president and Kansas Insurance Commissioner