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News Archive: Financing Major Natural Catastrophes
Legislation that would create a federal backstop for catastrophic bonds issued by state guaranty funds could ultimately expose the taxpayers to further risk and damage reform efforts at the state level, NAMIC said Wednesday. (Posted: 3/10/2010)
House Financial Services Committee Looks for Natural Catastrophe Solutions
Because the House has passed a financial services regulatory reform package, the schedule has cleared up for the Financial Services Committee to look at other legislative proposals that have been introduced over this Congress. (Posted: 3/9/2010)
Massachusetts: NAMIC Urges Caution Regarding Coastal Property Bills
NAMIC submitted comments to the Joint Legislative Committee on Financial Services last week urging lawmakers to fully consider the implications of various legislative proposals filed in response to developments in the state’s coastal property insurance marketplace. (Posted: 3/9/2010)
Massachusetts: Legislative Panel to Hold Hearing on Coastal Property Insurance Bills
The Joint Legislative Committee on Financial Services will hold a hearing on March 3 to consider 19 bills related and responsive to developments in the state’s coastal property insurance market. (Posted: 3/2/2010)
Alabama: Hurricane Deductible ‘Buy-Back’ Bill Carried Over
Liz Reynolds, NAMIC’s Southeast state affairs manager, attended a public hearing Wednesday scheduled by the Alabama House Insurance Committee. She was prepared to testify against HB 477, but the bill was carried over at the request of the sponsor. (Posted: 3/2/2010)
Alabama: NAMIC Comments on Hurricane Deductible ‘Buy-Back’ Bill
Liz Reynolds, NAMIC’s Southeast state affairs manager, contacted Alabama House Insurance Committee members last week to express members’ concerns with HB 477, which would require property/casualty insurance companies to offer a “buy-back” provision in policies with named storm percentage deductibles. The bill was scheduled for discussion by the committee on Feb. 17 and has now been slated for a public hearing Feb. 25. (Posted: 2/23/2010)
Florida: Commission Releases Windstorm Mitigation Discounts Report
The Florida Commission on Hurricane Loss Projection Methodology released its report yesterday to the governor, cabinet, president of the Senate, and speaker of the House. (Posted: 2/2/2010)
Mississippi: Commissioner Presents Mitigation Study to Lawmakers
Mississippi Insurance Commissioner Mike Chaney presented a draft report of the Comprehensive Hurricane Wind Damage Mitigation Program Cost Benefit Study on Jan. 6 to interested members of the House and Senate insurance committees and coastal delegation. The study was required by legislation passed in 2009. Liz Reynolds, NAMIC Southeast state affairs manager, attended the meeting, held at the capitol in Jackson. (Posted: 1/12/2010)
South Carolina, Alabama, Florida: Mitigation Discounts Discussion Surfaces
The topic of mitigation discounts or credits has come up recently during meetings in three coastal states – South Carolina, Alabama, and Florida. NAMIC Southeast state affairs manager Liz Reynolds was present for all three events. (Posted: 8/25/2009)
North Carolina: ‘Beach Plan’ Reform Passes at Warp Speed in the End
The North Carolina House on Thursday concurred with Senate amendments to HB 1305, legislation to reform the “Beach Plan.” The action capped expedited activity on the bill, which was given a favorable report by the Senate Commerce committee, allowed to bypass a second committee, and received second and third readings by the full Senate - all on Wednesday. (Posted: 8/11/2009)
North Carolina Beach Plan Legislation Moves to Governor’s Desk (8/7/2009)
North Carolina’s ‘Beach Plan’ Moves One Step Closer to Governor’s Desk; NAMIC Comments (8/5/2009)
Natural Disaster Policy Should Not Incentivize Risky Behavior, NAMIC Tells Congress (7/2/2009)
Property and Casualty Insurance (C) Adopts ‘Schizophrenic’ Natural Catastrophe White Paper (6/18/2009)
Property and Casualty Insurance (C) Committee to Consider Adoption of Natural Catastrophe White Paper (6/11/2009)
Louisiana: House Bills Garner Senate Committee Approval (6/2/2009)
Building a Stronger Nation, One State at a Time (6/2/2009)
Reauthorization of NFIP May Come Sooner Than Expected (5/12/2009)
South Carolina: Wildfire Near Myrtle Beach Consume More Than 20,000 Acres (4/28/2009)
Colorado State University Releases Updated 2009 Hurricane Forecast (4/8/2009)
National Tornado Experiment to Begin in May (4/7/2009)
Florida: Coastal Proposals Out in Open for Debate (4/7/2009)
Alabama: Coastal Bills Moving (4/7/2009)
Swiss Re Sigma Study: 2008 One of the Worst Years for Catastrophe Losses (3/18/2009)
Ohio: Institute Releases Windstorm Loss Estimates from Feb. ‘09; Updates Sept. ‘08 Windstorm Losses (3/18/2009)
Florida: CFO Sink, Insurance Commissioner McCarty List Different Priorities (3/17/2009)
Rhode Island: NAMIC Opposes Additional Restriction on Insurers’ Use of Hurricane Deductibles (3/17/2009)
NAMIC Opposes Additional Restriction on Insurers’ Use of Hurricane Deductibles in Rhode Island (3/11/2009)
Texas: Legislative Session Heating Up (3/10/2009)
NOAA Report Uncovers Why Some People Don’t Heed Severe Weather Warnings (3/9/2009)
Connecticut: NAMIC Submits Comments on Catastrophe Fund Bill (2/10/2009)
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