Regulatory Alerts2008-01-01 | Bulletin 2008-1Oregon Insurance Division Bulletin INS 2008-1: Filing Procedures for TRIA 2007 Compliance
The Oregon Insurance Division issued Bulletin INS 2008-1 to direct property and casualty insurers on filing procedures required to comply with the Terrorism Risk Insurance Program Reauthorization Act of 2007. The bulletin mandates updates to policy forms, rates, and disclosure notices to reflect revised definitions of terrorism, a 20% insurer deductible, and a $100 billion federal cap. It also establishes a voluntary expedited filing process available until April 1, 2008, to accelerate compliance with these new federal provisions.
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