The National Association of Insurance Commissioners' Property Casualty Insurance Committee scheduled hearings yesterday on the issue of catastrophe loss models for the NAIC's September meeting.
In acting, the NAIC was responding to consumer representatives' criticism that the models have led to unnecessary insurance rate increases after the storms of 2004 and 2005. The decision was made at the closing session of the summer meeting here.
In a letter to NAIC President Walter Bell, Alabama's insurance commissioner, signed by J. Robert Hunter, insurance director for the Consumer Federation of America in Washington, and Birny Birnbaum, director of the Center for Economic Justice, Austin, Texas, regulators were urged to “take immediate steps to increase regulation of third-party organizations whose work has such significant impact on insurance rates and availability.”
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