Insurance Commissioners Hold Coastal Issues Public Hearing

post by palado

KANSAS CITY, Mo. (Sept. 20, 2007) — National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell, along with other members of the NAIC’s Southeastern Zone, is holding a public hearing to address insurance issues in coastal zones. Bell — along with state insurance regulators from Florida, Louisiana, Mississippi and South Carolina — will host the hearing on Monday, Sept. 24.

“There are pressing needs in the Gulf states. Rates are rising and consumers are having their policies cancelled or non-renewed.” Bell said. “Our goals are to seek input on the steps that we, as insurance regulators, will take to help ensure the affordability and availability of insurance for America's consumers — as well as bring stability to the coastal insurance market."

In addition to increasing deductibles and introducing other coverage limitations, insurers have been withdrawing from coastal markets by cancelling or non-renewing policies. Further, the cost of the insurance products in the Gulf Coast area is rapidly rising.

U.S. Representative Jo Bonner (R-Ala.) is scheduled to attend the NAIC public hearing. In addition, representatives from Travelers, State Farm, RenaissanceRe, Municipal Bond Insurance Association (MBIA) and ProtectingAmerica.org are scheduled to provide testimony. Additional witnesses are pending.

“The intent of the hearing is not to cast blame or disparage insurers for past actions,” Bell added. “State insurance regulators want to work together with the industry and interested parties to achieve stability in the marketplace. We face common problems that call for a collective solution.”

The public hearing will begin at 9 a.m. on Monday, Sept. 24, in Mobile, Ala., at The Battle House Renaissance Hotel, 26 N. Royal Street.
About the NAIC

Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials.

For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.