An Allstate-financed group that is lobbying for creation of a national catastrophe fund is hailing a bill introduced in the New York legislature as an aid to their effort.
Filed last week, the bill by State Sen. Michael Balboni, R-East Williston, would create a New York fund that would involve a public-private partnership providing a backstop for the state's property-casualty insurers in the event of a major natural catastrophe.
The legislation--titled the New York Consumers Catastrophe Preparedness and Protection Act--was applauded by the ProtectingAmerica.org group co-chaired by James Lee Witt, a former Federal Emergency Management Agency director.
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