A resolution to include group life insurance contracts in any renewal of the Terrorism Risk Insurance Act is starting down a path toward full endorsement by state insurance regulators.
The resolution was adopted by the Property and Casualty Insurance (C) Committee of the National Association of Insurance Commissioners, Kansas City, Mo., during its summer meeting here.
The resolution states that “group life insurance faces the same concentration of risk as workers’ compensation insurance and provides protection for the lives of American workers.”
“It is time for the NAIC to go on record,” said Ed Harper, a representative of Assurant based in Washington. Harper has lobbied for the inclusion of group life in TRIA.
“Group life provides an important service,” according to Harper, who said it is “particularly vulnerable” to terrorism.