This week, the National Association of Insurance Commissioners (“NAIC”) provided an update on its TRIA data call initiative (the “Data Call”). As we previously reported here
, the NAIC has been in discussions, separate and apart from the Federal Insurance Office, to initiate its own Data Call to better understand the impact of TRIA on insureds and insurers nationwide.
Approximately 12 states are working with the NAIC to develop a mandatory Data Call, with responses to be due in the fall of this year. There has been pushback from the insurance industry to extend the response date until the end of November; however, the NAIC has yet to respond to such requests. Therefore, in light of the relatively short deadline, we recommend that insurers that will be subject to the Data Call (which will not include workers compensation) begin the process of identifying their reporting requirements. A current draft of the Data Call can be found here
. The expectation is that the current NAIC Data Call draft will not change substantially before its official release later this month.
We will continue to report on TRIA developments as they occur.