Insurance commissioners should coordinate a long-term solution to the terrorism coverage problem to show that states can work together effectively on a national level, the Consumer Federation of America contends.
In a letter to the heads of the National Association of Insurance Commissioners and the National Conference of Insurance Legislators, CFA Insurance Director J. Robert Hunter said the two lawmaking groups have a “great opportunity to show leadership and to prove to Congress that it need not move to substitute federal insurance regulation for state insurance regulation.”
That opportunity, Mr. Hunter said, is the expiration of the Terrorism Risk Insurance Act in two years, on Dec. 31, 2007.
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