For optimal functionality and an enhanced user experience, the following browsers are recommended when using aiadc.org: Chrome (version 4x), Mozilla Firefox (version 3x) or Internet Explorer (IE) versions 9, 10 & 11. Some of our site’s features may not function as you might expect if you are using an older browser (IE7 or IE8).

AIA to Highlight the Importance of TRIA Renewal to the Workers’ Compensation Marketplace at Upcoming NAIC Meeting

AIA TO HIGHLIGHT THE IMPORTANCE OF TRIA RENEWAL TO THE WORKERS’ COMPENSATION MARKET AT UPCOMING NAIC MEETING

WASHINGTON, D.C., December 13, 2013 – The American Insurance Association (AIA) will highlight the importance of renewing the Terrorism Risk Insurance Act (TRIA) at the National Association of Insurance Commissioners’ (NAIC) 2013 Fall National Meeting, underscoring TRIA’s role in the workers’ compensation marketplace.   The NAIC meeting will take place December 14-18 in Washington, D.C.

“Workers’ compensation insurers are particularly affected by a terrorist attack,” said J. Stephen (“Stef”) Zielezienski, AIA senior vice president and general counsel. “By definition, workers’ compensation policies must cover all risks, including terrorism, because workers’ compensation covers all injuries and deaths that are deemed under a state’s law as work-related without distinguishing the source of the injury.  Coupled with the nature of a terrorist attack, this makes the risk difficult to manage without the partnership provided by TRIA.”

Zielezienski will appear before the Workers’ Compensation (C) Task Force on Tuesday, December 17.  In his presentation, Zielezienski will focus on the expected impact on employers, insurers and state regulators should TRIA sunset at the end of 2014.    

“Without TRIA, workers’ compensation insurers would have to make difficult decisions on how to manage their aggregated exposure, particularly for geographically-concentrated risks like terrorism," said Zielezienski.  “If an insurance company elects to reduce their exposure by not offering as much capacity, then state residual markets and workers’ compensation pools would have to absorb the risk.  Ultimately, workers’ compensation insurers would be responsible for these losses because they reinsure these residual market risks, but the extreme losses from catastrophic terrorism could stress the private markets and create economic uncertainty.”

Zielezienski will also focus on what responsibilities state governments might assume for workers’ compensation should TRIA not be reauthorized.   Both AIA and the NAIC are advocating for the long-term reauthorization of TRIA.  The NAIC passed a resolution at its 2013 Summer National Meeting in Indianapolis urging Congress to reauthorize the successful program. 

###

The American Insurance Association (AIA) is the trade association for today’s leaders in the property-casualty insurance industry.  Our members work each day to protect the American Dream, whether that’s a house, car, business or otherwise.  Now more than 150 years old, AIA has an unparalleled record of advocating on state, federal and international issues for insurers and their customers.

Our membership is comprised of more than 320 companies, collectively writing more than $125 billion in premiums each year.

We have the experience of a veteran organization coupled with the innovative ideas that drive our industry forward. AIA is leading the insurance industry into the second half of the 21st Century… today.


AIA tweets

#Insurtech leaders discuss user experience, #drones are a game changer, & more in First Read today. Dont want to https://t.co/JF0Vdf1DCA

7 Minutes Ago

Congrats, @MunichRe_US - it's well-deserved! https://t.co/pViUK0zPGZ

19 Hours Ago

AIAs Ron Jackson on why insurance consumers need #AOB reform in #Florida in 2018. @SunSentinel @floir-comm https://t.co/WYfDOeP4RP

19 Hours Ago

Media Contacts

Maggie Seidel
VICE PRESIDENT, PUBLIC AFFAIRS
(202) 828-7196
mseidel@aiadc.org

Rachel Wallen
PUBLIC AFFAIRS MANAGER
(202) 828-7149
rwallen@aiadc.org

 

AIA MEDIA

media_alert_promo_300.jpg

AIA_slider_First_Read_02_300.jpg