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Vote on Catastrophe Insurance White Paper is Late Addition to NAIC Meeting Agenda
When the Property and Casualty (C) Committee formed its Catastrophe Insurance Working Group, the primary task assigned to the new working group was to draft a white paper analyzing issues related to natural disaster risk management and insurance, and possible solutions to any problems identified in its analysis. That was in the fall of 2005 shortly after the devastating Gulf Coast hurricanes. In short order, the working group produced a document setting forth an ambitious plan to create a three-layered national plan, whose main features included a federal disaster insurance facility to backstop state catastrophe reinsurance funds. At the time, Florida was, and remains, the only state with a CAT fund, and many observers concluded that the plan seemed calculated to benefit primarily Florida. It was further noted that the chairman of both the working group and its parent committee was Kevin McCarty, Florida's insurance commissioner.
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