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Information Services' Regulatory Information And Sample Disclosure
Forms Help Insurers Comply With Terrorism Risk Insurance Act
Information Tools Ease Compliance Burden for Insurance Companies
MASS., December 6, 2002) - Uniform Information Services (Uniform),
the nation's leading provider of information solutions for compliance
professionals in the property and casualty insurance industry, announced
today that it is providing information in its various products and
has developed sample disclosure forms in response to the Terrorism
Risk Insurance Act of 2002. Users can download the sample disclosure
forms from the Uniform web site at www.uniforminc.com.
Print and customized forms can be ordered by calling (800) 382-2424.
The new Act established
a temporary federal Terrorism Insurance Program that provides for
shared public and private compensation for insured losses resulting
from acts of terrorism. As such, it presents significant compliance
issues for insurance companies. The new sample disclosure forms from
Uniform help companies address some of the compliance issues with
the complex new law, in a time-saving way.
forms are just one of several compliance solutions Uniform will provide
to insurance companies, which must meet the requirements of the new
law," noted Uniform President and CEO Roger Gallo. "Our
ComplianceWare®, AuthenticWeb for
State Filing and preprinted forms products offer comprehensive compliance
information that will help insurers understand the Act's multi-faceted
requirements and ensure compliance with the various Department of
the Treasury and state guidelines throughout their operations."
The Act requires
that insurers make coverage available for "insured losses"
that do not differ materially from the stated policy's terms, amounts
and other coverage limitations applicable to losses arising from events
other than acts of terrorism. Insurers are required to provide "clear
and conspicuous" disclosure to the policyholder/applicant of
the premium applicable to coverage for insured losses under the Terrorism
Insurance Program. There are also requirements pertaining to reinstatement
of pre-existing terrorism exclusions under specific circumstances,
rate filings and form filings.
Information Services, Inc.
Uniform, a division
of CCH INCORPORATED, is the nation's number-one provider of compliance
related services for the property and casualty insurance industry.
The company was founded in Chicago in 1917 as a non-profit to provide
standardized uniform-language insurance forms. Today, the company
is part of CCH INCORPORATED Business and Finance Group, and is a leader
in the advancement of property and casualty compliance and insurance
forms automation. To learn more about Uniform, visit the company's
web site at www.UniformInc.com
or call 800-503-1896.
About CCH INCORPORATED
founded in 1913, has served four generations of business professionals
and their clients. The company produces approximately 700 print and
electronic products for securities, tax, legal, banking, securities,
human resources, health care and small business markets. CCH is a
wholly owned subsidiary of Wolters Kluwer North America. The CCH web
site can be accessed at cch.com.
The CCH business and finance group web site can be accessed at business.cch.com.