NEW YORK July 2, 1997 — The boards of directors of Insurance Services Office, Inc. (ISO) and the National Council on Compensation Insurance have authorized these organizations to explore possible business arrangements that would improve services to the property/casualty insurance industry.
The preliminary discussions will cover a full range of options, including establishment of one or more joint ventures, and reorganization through restructuring, consolidation and merger under a variety of organizational and capital formats. ISO and the NCCI stressed their preliminary talks could conclude with no change in the organizations' current operations and structure, and the maintenance of the status quo.
Both ISO and NCCI noted regulators' potential interest in some of the options that may be explored. The organizations pledged to be mindful of that interest as the preliminary discussions move forward.
Depending on the outcome of the talks, approval from both organizations' boards of directors, the NCCI membership and ISO shareholders may be required before action is taken.
National Council on