NY Ins. Dept. Coordinates Insurers’ Disaster

The New York State Insurance Department (NYSID) announced that it is coordinating the crisis management of the insurance industry resulting from last Tuesday’s terrorist attack against the World Trade Center, and has requested that all leading insurers have representatives permanently in place at its Albany headquarters to provide the liaison necessary to speed relief efforts.

uperintendent Greg Serio told the Financial Times that a general meeting with representatives of all the companies involved would be held in the near future. He indicated that 15 companies, including Chubb Corp., American International Group and Travelers had already assigned personnel to work with the NYSID, and that he’d been in contact with the heads of the large primary insurers, including AIG’s CEO Maurice “Hank” Greenberg.

In view of the extent of the disaster, the NYSID warned insurers not to cancel or suspend policies that had inadvertently not been renewed, and reminded the industry of its emergency authority in this area. The NYSID’s top priority is the prompt assessment of the losses involved, and the payment of claims as quickly as possible.