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NAIC, NCOIL Collaborate on Natural Catastrophe Plan

State regulators will join with state legislators in gathering input for a natural catastrophe insurance risk plan now under development by the National Association of...
March 14, 2005

State regulators will join with state legislators in gathering input for a natural catastrophe insurance risk plan now under development by the National Association of Insurance Commissioners (NAIC). The cooperative arrangement was suggested during the NAIC's Spring National Meeting in Orlando by Florida State Sen. Steve Geller (D), who urged regulators to work with NCOIL on developing the plan. NAIC will modify its time frame to accommodate NCOIL.  NAIC plans to move the Nat Cat plan forward to C Committee, the Catastrophe Insurance (C) Working Group, in the next three weeks allowing Senator Geller and Commissioner McCarty to work on language together to take back to their respective organizations.  BothNAIC and NCOIL will continue to work on this, but there are some sharp differences on several issues between the industry and the Task Force proposal, and there are also intra-insurer differences.