INDIANAPOLIS–Federal catastrophe reserving legislation is re-emerging with William White, the District of Columbia's insurance, banking and securities commissioner, telling fellow regulators that a bill is expected to be introduced this fall from Rep. Eleanor Holmes-Norton, D-Wash.,D.C.
White (pictured) noted during a meeting of the NAIC's Catastrophe Insurance Working Group this weekend that he was reintroducing an idea that has circulated for some time.
White is looking for support among his brethren at the NAIC for the bill, which would allow P&C insurers the ability to accumulate long-term catastrophe reserves tax-free given a change in the federal tax code.
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