Virginia Insurance Industry Convenes On Proposed State Catastrophe Reinsurance Fund Creation

On May 26, 2010, the Virginia Bureau of Insurance hosted an informal hearing on H.B. 89 sponsored by Virginia Delegate Terry G. Kilgore.  Had the bill passed during Virginia’s recently concluded 2010 Regular Session, it would have conditionally established the Virginia Wind Catastrophe Fund upon the enactment of a federal National Catastrophe Reinsurance Fund, which would provide a financial backstop to state catastrophe funds. 

The hearing, held at the office of the Independent Insurance Agents of Virginia, served as a forum for industry members to discuss and provide input on HB 89.   Participants included insurance companies, associations, brokers, agents, attorneys and regulators.

H.B. 89 will be taken up again in 2011.

Materials distributed at the meeting are accessible through the hyperlinks below:  

• The agenda
• A ProtectingAmerica.org report on the consumer impacts of state and national natural catastrophes legislation by actuary David Chernick
• A ProtectingAmerica.org report on the “Demographics of Catastrophe” by consultant Peter J. McDonough Jr.
• A ProtectingAmerica.org overview of “How to Create A State Catastrophe Fund”
• Written testimony from the Property Casualty Insurers Association of America in opposition to HB 89
• A series of editorials relating to the debate over forming a national catastrophe fund
• A copy of HB 89

Should you have any comments or questions, please contact Colodny Fass.

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