FEDERAL SHARE CLAIM PROCESS
Prior Approval for Certain Claims
Certain claims require pre-approval of Treasury prior to their inclusion on
the bordereau submission. Treasury’s Litigation
Management rule  specifies
that insurers must obtain Treasury’s advance, written approval of certain
settlements of third-party claims (by a third party against an insured and/or
the insurer) where property damage, personal injury, or death results from
a certified act of terrorism. Third-party liability settlements must be pre-approved
by Treasury if the proposed settlement amount exceeds $2 million for personal
injury or death, or $10 million for property damage liabilities. A link is
provided here to the form, Notice
of Proposed Settlement – Request
for Approval, (which can be downloaded) for submission of the information
needed for Treasury review of the proposed settlement: However, the expectation
is that most insurers will use the electronic version of the form that will
be available through the Web-Based Facility.
Next
Page >>
|
|
|
