Meeting in San Francisco November 15th and 16th, insurance commissioners from several states, along with the National Association of Insurance Commissioners (NAIC), will convene to discuss and devise a national catastrophic insurance plan. Organized before the recent devastating hurricanes and the Kentucky and Indiana tornado damage, and prompted by ever-increasing state fiscal constraints, Illinois, California, and New York insurance regulators will be briefed by catastrophe and insurance experts and insurance industry executives.
The summit's goals: look at the multi-state effect natural and man-made disasters have on the public, private, and consumer sectors, and discuss funding options that might be available to pay for extraordinary losses. Expect talk of a coordinated methodology to oversee risk-sharing for major catastrophes.
Look for further information on the Summit, as it is released, here on CAI Political "Heads-Up". To view the NAIC press release on this meeting, go to: http://www.naic.org/Releases/2005_docs/catastrophe_summit.htm. 11/05