|USA PATRIOT ACT MONITOR NEWS RELEASES|
USA PATRIOT Act Monitor News Release: Terrorism Risk Insurance Act Guidance
12/5/2002 3:36:54 PM Eastern Standard Time
File: interimguide.pdf (27582 bytes) DL Time (44000 bps): < 1 minute
Treasury has issued a Notice with interim guidance on the Terrorism Risk Insurance Act of 2002 on December 3. The Notice provides that, prior to the issuance of regulations or further guidance by Treasury, an insurer using Model Form No. 2 attached to the model bulletin on Terrorism Risk Insurance (November 26, 2002) posted on the website of the National Association of Insurance Commissioners (NAIC) at www.naic.org/pressroom/releases/disclose_two_final.pdf , as a policyholder disclosure form for in-force policies, will be deemed by Treasury to be in compliance with section 103(b)(2)(A) of the Act. The insurer must make no change in the existing premium. The Notice is attached. A webcast of the 17 minute press conference announcing the interim guidance can be downloaded from the Treasury website.
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