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S.C. Coastal Insurance Plan Draws NAMIC Support

Florida has offered primary insurers below-cost reinsurance and mandated that they reduce rates to reflect this. Insurers say if there is a major catastrophe, taxpayers will be stuck because the progr

By Steven Tuckey | Updated on April 30, 2007

South Carolina Republican Gov. Mark Sanford’s announcement of his administration’s approach to solving the insurance shortage for coastal properties has drawn support from an insurers’ trade group.

Mr. Sanford said he was taking a market-oriented approach and it is important to “avoid knee-jerk reactions like what we have seen in Florida and problems that come with that.”

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