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PIA National Natural Catastrophe Working Group Affirms Commitment to Mitigation

PIA National Natural Catastrophe Working Group Affirms Commitment to Mitigation: The PIA National Natural Catastrophe Working Group met in Arlington, Virginia on March 19 to...
March 31, 2010

PIA National Natural Catastrophe Working Group Affirms Commitment to Mitigation: The PIA National Natural Catastrophe Working Group met in Arlington, Virginia on March 19 to discuss the latest proposals for improving markets in catastrophe prone areas.

Working Group members confirmed their core principles as outlined in the issue sheet members distributed to Members of Congress as part of the PIA Federal Legislative Summit. The Working Group supports several bills in Congress that would improve the Federal Government's ability to coordinate with states for better disaster preparedness and response.

The Working Group also supports mitigation efforts, such as the My Safe Florida Home program, that help home and business owners make improvements to their property to help them prepare for the next natural catastrophe. The group supports the mitigation efforts of the Homeowner's Defense Act (H.R. 2555), but is concerned that asking the Federal Government to enter into the reinsurance market when there is ample capital in the private market may exacerbate the problem by unintentionally subsidizing further development in disaster prone areas.

The NAIC and NCOIL have not taken a position on the Homeowner's defense Act and the P&C insurance community, along with several taxpayer and environmental groups, have lined up against H.R. 2555.  PIA National is continuing its efforts to work with all interested parties for a solution that addresses all perils nationwide and does not crowd out the private market.

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