Cat risk legislative update
There are three recent items of interest in pending legislation regarding cat risks:
- a Bill has been introducted in the United States Senate (S. 292) to establish a bi-partisan Commission on Catastrophic Disaster Risk and Insurance, to assess the condition of the property and casualty insurance and reinsurance markets in the aftermath of the recent hurricanes, and the ongoing exposure of the United States to various cat risks, and recommend any necessary legislative and regulatory changes to improve the financial health and competitiveness of such markets and assure consumers of the availability of adequate insurance coverage at competitive prices;
- a Bill has been introduced in the Missouri Senate (SB 518 – bill text and bill summary) to establish the Missouri Catastrophe Fund to help protect property and casualty insurers against insolvencies caused by certain natural disasters.
- two Bills have been introduced in the New York Senate to establish a state cat fund (S. 1883 and S. 2520).
