An organization supported by Allstate Insurance campaigning for a federal catastrophe fund last week fired back at insurer groups that oppose the concept because they believe the private sector remains capable of covering such risks.
David A. Smith, director of ProtectingAmerica.org, singled out the American Insurance Association in particular, calling its criticisms “shortsighted and misinformed.”
The proposal, which would establish a federal catastrophe fund to back up individual state funds, would be implemented under federal legislation, HR 4366, introduced in the House by two Florida Republicans–Reps. Ginny Browne-Waite and Clay Shaw.
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