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Member, Beacon International Group, Ltd.
INDIANAPOLIS-Ten states enacted 17 catastrophe-related laws last year, according to the National Assn. of Mutual Insurance Cos.' annual survey of state insurance laws.
In a statement announcing the release of the survey Thursday, David Reddick, Indianapolis-based NAMIC's associate director of public policy, noted that only three states enacted such laws in 2005. Last year, "five bills were enacted in Louisiana following hurricanes Katrina and Rita, while Florida and Hawaii each passed resolutions calling for creation of a national catastrophe fund," said Mr. Reddick.
But the NAMIC survey found that although the number of catastrophe-related laws increased, the volume of property/casualty-related legislation decreased overall in 2006. The NAMIC survey found that 44 states and District of Columbia collectively enacted 539 bills last year, compared with 625 property/casualty insurance laws in 2005.
The complete survey is available at www.namic.org.