White House says no go to catastrophic insurance

The Clarion-Ledger, 4/12/7

“The insurance industry is healthy, and the private sector is well-equipped to provide insurance for hurricanes and other natural catastrophes, but state regulators and the federal government must allow the private market to function,” Lazear testified at a committee hearing.

Mississippi Republican Sen. Trent Lott has sued his homeowner’s insurance company over Katrina-related losses and sponsored a bill that would end the industry’s exemption from some federal anti-trust laws. But Lott said he doesn’t support a federal catastrophic insurance program.