NAMIC Says It Is Neutral On Wicker’s Wind-Vs.-Water Bill
The National Association of Mutual Insurance Companies (NAMIC) says it is not taking a position on Senate legislation that contains a provision that would split the difference on wind-vs.-water claims.
In a statement, NAMIC officials say the trade group and its members “remain neutral” on the legislation, S. 1091, the Consumer Option for an Alternative System to Allocate Losses or (COASTAL) Act.
The bill would create a “standardized loss-allocation” system to deal with wind-vs.-water claims.
It would do so by using increased data during the claims process. The legislation is sponsored by Sen. Roger Wicker, R-Miss.
Wicker says the legislation would provide greater certainty to homeowners and the insurance market, ensuring certain losses from future storms are settled in a timely and equitable manner.”
The bill will be one of the subjects discussed at a hearing on the National Flood Insurance Program to be held by the Senate Banking Committee Thursday.
“We haven’t taken a position on the COASTAL Act,” says Matt Gannon, assistant vice president of federal affairs for NAMIC. “This legislation offers a very complex solution to a difficult issue, and it would be premature for us to come out for or against it without having some very important questions answered.”
He says there are “some positive elements to the bill along with others that cause significant concerns, and we need to determine how they balance out.”
Gannon adds, “We look forward to working with Sen. Wicker to address our concerns and, hopefully, reach a solution that works for homeowners in the Gulf and the private property and casualty insurance market.”
propertycasalty360.com
6/7/11
Magnolia Tribune
