JERSEY CITY, N.J., January 9, 2015 — ISO announced today that it is filing revised terrorism forms in response to Congressional action to reauthorize the Terrorism Risk Insurance Act. The revised forms are being filed for insurer use in most states shortly after President Obama signs the bill, known as the Terrorism Risk Insurance Program Reauthorization Act of 2015 (H.R. 26), which is expected to happen shortly. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
“ISO has been closely monitoring developments in Washington with respect to TRIA’s reauthorization and is glad that the uncertainty surrounding TRIA’s fate was one of the first issues addressed by the new Congress,” said Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services. “We have been working to develop the policy forms and disclosures that our customers will need in response to a reauthorized TRIA. We are committed to providing insurers with the critical tools necessary to respond to this development and enable smooth ongoing policy administration in connection with this important federal program.”
On January 6, H.R. 26 was introduced in the House and is virtually identical to last year’s amended S. 2244. The House passed H.R. 26 on January 7, followed by swift passage in the Senate on January 8. The bill reauthorizes TRIA through the end of 2020; makes various amendments to the certification decision process, financial participation percentages, and dollar amounts; requires various studies; and establishes certain data collection requirements.
“Congress, in reauthorizing TRIA, expressly revised the Act to extend the termination of the program from December 31, 2014, to December 31, 2020. That was a significant part of the legislation given that our conditional terrorism endorsements contain provisions that remain asleep unless the federal program terminates,” added Fitzgerald. “Fortunately, since Congress decided to extend the program the way they did, it appears those provisions in the conditional terrorism endorsements can continue to sleep in peace for another six years.”
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso and www.verisk.com.