News Service of Florida Reports Senator Nelson and CFO Sink to Discuss Federal Cat Fund Loans
Feb 26, 2009
The News Service of Florida reported that U.S. Senator Bill Nelson and Florida Chief Financial Officer Alex Sink plan to meet on Friday, February 27 to discuss proposed federal catastrophe backstop legislation and other ways of reducing Florida’s storm risk exposure.
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NEWS SERVICE OF FLORIDA: Nelson Renews Push for National Catastrophe Backstop
February 27, 2009
U.S. Sen. Bill Nelson said Thursday he’s renewing a push for federal legislation that would provide emergency federal backup for property losses in the event of a major catastrophe. Nelson, a Democrat, noted that it’s particularly important to have a national catastrophe fund because Florida’s own fund would be billions short if a major hurricane were to hit Florida. Nelson and Florida Chief Financial Officer Alex Sink plan to meet Friday to discuss proposed federal legislation and other ways to reduce Florida’s exposure to storm risk. Nelson’s bill would allow the federal government to step in with loans to Florida’s CAT Fund or any other state-run catastrophe fund that can’t afford a disaster.
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