Georgia: NAMIC Submits Additional Letter on Wind Pool Proposal

NAMIC has submitted a supplemental letter to the Georgia Underwriting Association regarding Georgia Insurance Commissioner John Oxendine’s proposal to create a Georgia Coastal Insurance Corporation.

Liz Reynolds, NAMIC's Southeast state affairs manager, followed up her Jan. 2 letter with more specific examples and questions about how the GCIC would operate and especially how it would affect consumer access to the private market. She again emphasized the importance of thoroughly studying the issue of coastal availability before creating solutions for problems that may not exist.

“The member companies of NAMIC are committed to Georgia,” Reynolds wrote, “however … they are cautious about plans that have the potential to take away their ability to manage risks they contract to take on. The goal of our member companies is to remain in the marketplace prepared to fulfill our contractual obligations when our insureds incur covered losses. We believe if it is determined that a property insurance availability problem exists on the coast, a public-private partnership can work to address the identified issue.”

A previous Advocacy Update article and Member Alert provided details about the proposal and urged NAMIC members to provide feedback. “Both letters were drafted with tremendous assistance from NAMIC member companies doing business in Georgia,” Reynolds pointed out. “I appreciate so much the willingness of members to share their perspectives and help me coordinate feedback for the benefit of all.”

Direct questions to NAMIC State Affairs Manager Liz Reynolds.

Posted: Tuesday, January 29, 2008 12:00:00 AM. Modified: Thursday, January 31, 2008 9:38:32 AM.

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We are 1,400 property/casualty insurance companies serving more than 135 million auto, home and business policyholders, with more than $196 billion in premiums accounting for 50 percent of the automobile/homeowners market and 31 percent of the business insurance market. We are the largest and most diverse property/casualty trade association in the country, with regional and local mutual insurance companies on main streets across America joining many of the country’s largest national insurers who also call NAMIC their home. More than 200,000 people are employed by NAMIC members.