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News Archive: Financing Major Natural Catastrophes
Natural Disaster Bills Linger in the 111th Congress
The middle of August traditionally marks the halfway point in the annual hurricane season for the Atlantic Ocean and experts have anticipated a busy and dangerous summer of storms. The aftermath of any major storm hitting the United States could be devastating, not only from a loss perspective, but also because of the potential response from the federal government. Although there are only a few weeks in September on the legislative calendar before Congress adjourns for a final campaign push, there remain several natural disaster issues on the table that may be addressed. (Posted: 8/17/2010)
CBO Projects “Beach House Bailout” Cost at $1.7 Billion
WASHINGTON (June 8, 2010) An estimate from the Congressional Budget Office(CBO) shows that legislation potentially putting the American taxpayers on the hook for Florida’s underfunded catastrophe fund would add to the already massive budget deficit, the National Association of Mutual Insurance Companies said today. (Posted: 6/8/2010)
The Beach House Bailout Proposal CBO Score Released
As the hurricane season is upon us, solutions for natural disasters at the federal level continue to receive Congressional attention. NAMIC has worked diligently, as part of the SmarterSafer Coalition, to defeat measures that would incentivize states to create risky, under-funded state catastrophe funds, such as that in Florida. (Posted: 6/8/2010)
NAMIC Slows the Passage of ‘Beach House Bailout’
As hurricane season fast approaches, Congress is again groping for solutions to the natural disaster issues we will face. (Posted: 5/25/2010)
Louisiana: Wind Zone Bill Threatens Market
Louisiana SB 181, regarding how companies manage wind zone risks, threatens the recent advances made in expanding the state’s private market. The bill may be taken up by the full Senate as early as today. (Posted: 5/18/2010)
Bailout for Florida May Not be a ‘Slam Dunk’
As hurricane season creeps closer, the Florida Congressional delegation grows more fearful by the day with a state hurricane catastrophe fund nowhere near the sound financial footing needed for the predicted hurricane season. Having recently issued bonds to fund additional claim payments, the catastrophe fund has only $4 billion in assets against liabilities that top $25 billion. So what better way to solve Florida’s problem than to ask the federal government for a bailout? (Posted: 5/18/2010)
New York: Deductible Triggers Discussed at Legislative Roundtable on Coastal Issues
Standardization of hurricane deductible triggers was a primary focus of discussions during a May 10 legislative roundtable on coastal homeowners’ insurance issues held at the state capitol. (Posted: 5/18/2010)
House Committee Passes NFIP Reform and Reauthorization – Inclusion of Wind Still a Threat
While the National Flood Insurance Program (NFIP) is temporarily extended through May 31, 2010, a long-term solution—without the inclusion of a wind coverage option—is needed. (Posted: 5/4/2010)
Beach House Bailout Legislation Passes House Financial Services Committee
On April 21, the House Financial Services Subcommittee on Housing and Community Opportunity held a hearing on H.R. 2555, the Homeowners Defense Act, introduced by Rep. Ron Klein, D-Fla. The very next week, on April 27, the Financial Services Committee approved H.R. 2555, by a vote of 39-26. (Posted: 5/4/2010)
House Financial Services Committee Considers Natural Disaster Legislation Today
In a postponed session from last week, the House Financial Services Committee will today consider and vote on three bills that could hugely impact the property/casualty insurance industry. If passed at the committee level, these bills will be ready for full House consideration and NAMIC is continuing to actively educate members of Congress on these natural disaster issues before they come to the floor. (Posted: 4/27/2010)
NAMIC Responds to House Committee Vote on NFIP Extension, Natural Catastrophe Legislation (4/27/2010)
Healthcare Debate May Lead to Consideration of Flawed Natural Catastrophe Policy (4/6/2010)
Joint Subcommittee Hearing Reviews Natural Catastrophe Legislation (3/16/2010)
Federal Natural Catastrophe Policy Should Not Undermine Private Market and or Hinder Reform Efforts: NAMIC (3/10/2010)
House Financial Services Committee Looks for Natural Catastrophe Solutions (3/9/2010)
Massachusetts: NAMIC Urges Caution Regarding Coastal Property Bills (3/9/2010)
Massachusetts: Legislative Panel to Hold Hearing on Coastal Property Insurance Bills (3/2/2010)
Alabama: Hurricane Deductible ‘Buy-Back’ Bill Carried Over (3/2/2010)
Alabama: NAMIC Comments on Hurricane Deductible ‘Buy-Back’ Bill (2/23/2010)
Florida: Commission Releases Windstorm Mitigation Discounts Report (2/2/2010)
Mississippi: Commissioner Presents Mitigation Study to Lawmakers (1/12/2010)
South Carolina, Alabama, Florida: Mitigation Discounts Discussion Surfaces (8/25/2009)
North Carolina: ‘Beach Plan’ Reform Passes at Warp Speed in the End (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)
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