Richard Baker, R-La., chairman of the House Financial Services Subcommittee on Capital Markets, says Congress won’t begin to craft a solution to catastrophe insurance until next year. Baker told a hearing last week that he intends to hold a series of roundtable discussions early next year, adding that “we won’t get all the interested parties at one time, but we will give everyone a chance.”

Rep. Baker jokingly noted that his plan to do that could be scrapped if the Republican Party loses power. But the subcommittee’s ranking minority member, Rep. Paul Kanjorski (D-Pa.), assured the chairman that Democrats would continue to make catastrophe insurance a priority should they regain the majority.

Rep. Baker Says No Cat Bill Till 2007 (National Underwriter 9/13/06)

September 20, 2006