The National Association of Insurance Commissioners took the first steps toward creation of a multistate catastrophe fund at a recent regional meeting.
The Catastrophe Insurance Working Group agreed to evaluate modeling for such a mechanism to cover hurricane or earthquake risk on a regional basis.
Working Group Chair Kevin McCarty, who also serves as Florida insurance commissioner, said the Atlanta meeting last week resulted in "significant inroads in identifying the many facets of this complex issue, and we are proceeding forward in developing the scope and structure of a multistate fund."
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