LONDON — The N.A.A.-C.P.A., the nation’s most powerful safety regulator, is taking a closer look at the safety of its insurance business amid rising concern over Hurricane Florence.
In a notice Friday, the agency said it was reviewing whether to update the terms of its policyholders who purchased insurance in October after the storm.
The policyholder has until June 15 to file an objection.
“The N.AA has long been known for being fair and transparent in the insurance marketplace, but that’s beginning to change with Hurricane Florence,” said Peter Vassallo, a senior adviser at the law firm Covington & Sidley who served on the regulatory council during the George W. Bush administration.
The agency has been working with insurers since the storm, which is expected to be stronger than average, to get them to change the terms and conditions of their policies to reflect the storm’s strength.
It has been the most prominent regulator to respond to the storm since the N.R.A.’s lobbying arm, Americans for Prosperity, was formed by conservative billionaires to advocate for policies that would help them weather the storm and survive.
In the past two years, the NAAA has taken a more hands-on approach with insurers, saying in a statement that it will continue to work with them.
The NAA’s efforts have been complicated by concerns that insurers are using the storm to gain an advantage, and that the policies offered by the NRAA’s own insurer, Horizon Blue Cross Blue Shield, may be undervalued by some of the millions of Americans who bought insurance after the hurricane.
The agency has called on insurers to provide data showing how much their policies have risen in value and whether they have been underwritten.
Horizon Blue has said that it has done so and that it is not underwriting its own policies.
The company has also been critical of the NGA’s work in assessing the risks associated with its policy, which has led to an ongoing disagreement between the two groups.
“The NGA has no mandate to regulate insurance,” said Scott Waring, a vice president at the American Insurance Association, which represents insurance companies and reinsurers.
“It is the insurers who regulate insurance.”
On Friday, Horizon announced that it was reopening its insurance policies.
Horizon’s parent company, Horizon Insured Servicing Corp., has said it will reopen the policies it had previously closed in accordance with the NFA regulations.
Horizon is the second major insurer to open a policy with a new policyholder in the last two weeks.
In October, American Airlines, the country’s third-largest airline, opened a policy to a policyholder with a similar name to one previously sold by Horizon.