NCOIL Pushes For Disaster Reserves
Washington
The National Conference of Insurance Legislators is asking Congress to consider legislation that would allow insurers to establish tax-deferred disaster reserves.
H.R. 785 was introduced last year by Rep. Mark Foley, R-Fla., but has not advanced in the House Ways and Means Committee, which has jurisdiction over taxation. Congress has instead been focusing on the insurance issues arising from the Sept. 11 terrorist attack.
But in a letter to Committee Chair Bill Thomas, R-Calif., NCOIL said that Congress needs to consider the continued threat posed by catastrophic natural events. Noting that Hurricane Andrew, which had a severe impact on the insurance industry, occurred 10 years ago, NCOIL said, “there is a clear and pressing need for federal legislation that would make essential coverage available and would help pay claims stemming from similar natural disasters.”
NCOIL noted that it adopted a resolution supporting the concept of tax-deferred disaster reserves in November of 2001.
Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, September 2, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.
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