Republican presidential nominee-apparent John McCain has reiterated his opposition to the national “cat fund” bill that passed the U.S. House last year. The bill, Homeowners Defense Act of 2007” (H.R. 3355) was sponsored by Florida Reps. Ron Klein (D) and Tim Mahoney (D). The bill would allow states to pool catastrophe risks and then transfer them to the private market through the sale of catastrophe bonds or purchase of reinsurance. Instead, McCain said he’s open to a “Gulf States Compact” or other regional alternative to a national catastrophe insurance fund.

McCain Still Opposes Disaster Fund (Palm Beach Post 8/18/08)

August 26, 2008