The National Association of Insurance Commissioners approved a resolution last week calling for Congress to create a commission to explore national solutions to cover mega-catastrophe risks.
The vote culminated more than six months of debate following last year's record insured storm losses, with state regulators intrigued by proposals for new mitigation incentives, as well as state and federal catastrophe funds, to help provide more mega-catastrophe coverage.
The insurance industry has supported some of the mitigation proposals, but has actively opposed or remained ambivalent on the creation of state and federal disaster funds–with the notable exception of Allstate, which has spearheaded a public relations effort in favor of them.
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