The National Conference of Insurance Legislators said discussions at their upcoming meeting this week will consider a program with a public-private funding partnership to cover mega-catastrophe risks for homeowners.
The state lawmakers will be examining the National Association of Insurance Commissioners' plan for state and federal backstops for mega-catastrophes as they consider revising their own natural disaster insurance resolution passed two years ago.
That measure will face its first NAIC vote at that group's spring meeting March 4 in Orlando, Fla.
NCOIL's deputy director, Candace Thorson, said that “lawmakers' concerns include the proposed establishment of a National Catastrophe Insurance Commission that contemplates no role for state legislators, but substantial participation for the NAIC.”
State Sen. Steve Geller, D.-Hallandale Beach, will chair the subcommittee that will also consider the impact of the recent storms on the natural disaster insurance debate and refine NCOIL's commitment to a national catastrophe system.
The lawmakers will consider looking at revisions to the Market Conduct Model Surveillance Act that it jointly backed with the NAIC two years ago, but which has yet to gain widespread approval in the states.
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