Chicago–A proposed national catastrophe insurance program being pushed by four big state regulators has received a somewhat skeptical reception from industry representatives at a regulators meeting here.
At the National Association of Insurance Commissioners winter meeting, doubts were expressed whether a dramatic shift in policy that is envisioned can or should be implemented in the near future.
David Snyder, assistant general counsel of the American Insurance Association, said that while initial discussions of some sort of federal backstop for natural catastrophes could be valuable, the current proposal goes too far too fast to accomplish its goals.
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