Alabama Insurance Commissioner David Parsons today issued a bulletin advising insurers of certain provisions of the Terrorism Risk Insurance Act of 2002 (The Act) which may require insurers to submit a filing in this state and informs insurers of a voluntary procedure to use to expedite the filing and timely review of the disclosure notices, policy language and the applicable rates that are discussed in the Act. The bulletin takes effect immediately. The expedited filing process outlined therein expires on December 31, 2003. The remainder of the bulletin expires on December 31, 2005, unless Congress extends the duration of the Act.
To read the entire bulletin, please click here: