A federal program that would provide an all-inclusive, “all perils” insurance policy nationwide is dividing two prominent industry groups.
The American Insurance Association (AIA) is part of an industry effort opposed to the National Association of Insurance Commissioners (NAIC) adoption of a resolution supporting the need for a federal solution to manage natural catastrophe risks.
“The proposed resolution is based on the flawed assumption that the insurance industry lacks the capacity to manage the risk of natural catastrophes and that federal legislation creating a natural catastrophe reinsurance program is needed,” said Tammy Velasquez, AIA vice president and director, state affairs.
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