NAIC To Hold Special Session On Business Interruption Insurance

The NAIC Center for Insurance Policy and Research (CIPR) will hold a three-hour special session on business interruption insurance during the NAIC 2020 Fall National Meeting.

The special session titled “Pandemic Business Interruption Federal Insurance Mechanism - Learning from the Past, Thinking About the Future” will take place Tuesday, Dec. 8 from 10 a.m.–1 p.m. Central Time.

“Pandemic Business Interruption Insurance is a prevailing topic of interest for many in the insurance industry and its commercial consumers,” said NAIC President and South Carolina Director of Insurance Ray Farmer. “We’ll be reviewing the various Business Interruption proposals that have been put forward in the context of lessons learned from previously established federal programs such as the National Flood Insurance Program, the Terrorism Risk Insurance Program and the Crop Insurance Program.”

All Fall National Meeting attendees are encouraged to attend CIPR’s special session to better understand the issues around a federal mechanism for Pandemic Business Interruption.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

This report compiled by InsuranceNewsNet staff.