Palazzo weighs in on insurance, lame-duck session’s measures
BILOXI — U.S. Rep.-elect Steven Palazzo said he’s already working on one of the main problems facing South Mississippi: the post–Hurricane Katrina lack of affordable homeowner and business insurance.
Palazzo, speaking at the Biloxi Chamber of Commerce’s Morning Call meeting, said a possible solution is to model hurricane wind coverage after the insurance program created after the Sept. 11, 2001, terrorist attacks. The Terrorism Risk Insurance Act of 2002 was a temporary measure created to give the insurance industry time to find its own solutions.
It made federal government coffers the “backstop” to provide reinsurance to cover insurance companies in case of catastrophic loss. The act was set to expire in 2005, but Congress extended it through 2014.
Sun Herald
12/22/10
Magnolia Tribune
