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NAMIC Official Joins South Carolina Governor in Signing Ceremony for Coastal Property Insurance Reform Bill

INDIANAPOLIS (June 13, 2007) - South Carolina homeowners and insurers will get some relief thanks to legislation signed by Gov. Mark Sanford. Joining the governor on the podium during this week's bill signing ceremony was Liz Reynolds, southeast state affairs manager for the National Association of Mutual Insurance Companies (NAMIC).

"We hope South Carolina's commitment to a measured, multi-faceted approach with both short- and long-term effects will be a model for other coastal states struggling with these issues," Reynolds said. "Thank you again for your work to make this happen."

The bill, H. 3820, the Omnibus Coastal Property Insurance Reform Act of 2007, includes the following provisions:

• Insurance company incentives for providing coverage within the wind pool territory
• Tax incentives for consumers who set up Catastrophe Savings Accounts or retrofit their homes
• Creation of the South Carolina Comprehensive Hurricane Damage Mitigation Program
• Codification the March 2007 wind pool expansion
• Requirement that insurers give 90 days notice before nonrenewing a policy with an effective date during hurricane season

"This bill is another important step toward addressing escalating coastal insurance costs in a way that will encourage, rather than discourage, insurers to write policies along the coast - which is key to stabilizing and ultimately lowering insurance cost," Sanford said in signing the measure. "This bill sends a strong signal to the insurance industry that South Carolina has rejected the government-centered approach to addressing the insurance crisis that has been adopted by states like Florida."

The governor made clear that the bill "empowers consumers" to take responsibility for risk reduction and "strikes a balance between consumer protection and the market."

Scott Richardson, South Carolina Department of Insurance director and several members of the South Carolina General Assembly also spoke, emphasizing the teamwork approach to developing and passing the bill.

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For further information, contact
Nancy Grover
(202) 628-1558 Tel
(202) 628-1601 Fax
ngrover@namic.org