Advocates for a federal role in natural catastrophe insurance, at a Florida hearing today, urged federal lawmakers to help states prepare for the financial impact of a natural catastrophe.
At a field session of the House Financial Services Subcommittee on Investigations and Oversight in West Palm Beach, Fla., sunshine state residents and officials spoke of the troubles in the Florida homeowners' insurance market in the past few years.
Additionally, they offered support for legislation authored by Reps. Ron Klein, D-Fla., and Tim Mahoney, D-Fla., which would establish a national catastrophe fund to back state funds, allow states to offer catastrophe bonds and provide loans for mitigation programs. That bill, known as H.R. 3355, or the Homeowners Defense Act, has already been passed by the House and is awaiting Senate action.
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