NAIC Votes To Adopt National Catastrophe Plan Resolution
CONTACT: Beth Scott
- The National Association of Insurance Commissioners (NAIC) voted to adopt a Resolution
supporting a national catastrophe plan that builds on state regulation, maximizes the private market, encourages personal safety and mitigation, and provides a comprehensive solution to problems of exposure in a natural catastrophe. Later this week, Florida Insurance Commissioner Kevin McCarty is delivering the Resolution to members of Congress during a trip to Washington D.C.
"After the summit in San Francisco, this is an important next step in the process of building consensus, increasing capacity and ensuring all Americans have access to a comprehensive policy, " McCarty said.
The group's Catastrophe Insurance Working Group of the Property and Casualty Insurance (C) Committee has been working on a national natural disaster plan and a response to hurricane damages totaling more than $70 billion in insured losses in the 2004 and 2005 hurricane seasons.
At the request of Commissioner McCarty, the NAIC approved the resolution during its executive/plenary session Sunday, during the Winter National Meeting. The NAIC had passed a resolution in 1995 that recognized the importance of developing additional insurance capacity to cover catastrophic natural perils and endorsed a national disaster plan.