Posted: 3/16/2010
Joint Subcommittee Hearing Reviews Natural Catastrophe Legislation
Last week, NAMIC submitted testimony to the joint hearing held by the Subcommittees on Capital Markets, Insurance, and Government Sponsored Enterprises; and Housing and Community Opportunity. The hearing, titled "Approaches to Mitigating and Managing Natural Catastrophe Risk," was singularly focused on H.R. 2555, the Homeowners Defense Act. This legislation, introduced by Rep. Ron Klein, D-Fla., currently has 73 cosponsors from 30 different states, showing broad, bi-partisan support. However, NAMIC believes that there are better alternatives to addressing the nation’s natural catastrophe issues than this legislation.