WASHINGTON--Catastrophe modelers and the insurance companies who rely on them argued at a meeting of insurance regulators that they do not need greater regulation.
The models have been under attack from consumer advocates who argue they can be based on questionable assumptions to provide insurers with an argument for raising rates.
Mitch Sattler, vice president of public policy for Newark, California-based Risk Management Solutions, told a panel of the National Association of Insurance Commissioners that modelers are not trying to keep themselves entirely outside the regulatory arena, but cautioned the panel against taking any measures that could hinder the industry.
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