The House Financial Services Committee passed legislation last week designed to allow Uncle Sam to help states shore up their catastrophe reserves.
The panel acted despite criticisms from some Republicans that the bill would crowd out private insurers and faces an uncertain future in the Senate. The vote was 36-27.
In a statement, American Insurance Association President Marc Racicot, a former governor of Montana, said the legislation continues to cause serious concerns for AIA's member companies, who do not want to see Congress go down the road of providing incentives that would create more state mechanisms "that would interfere with the private market."
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