State lawmakers have reacted favorably to a proposed public-private approach to cover natural catastrophe risks too large for the private market to handle by itself.
California Insurance Commissioner John Garamendi made the annual meeting in San Diego of the National Conference of Insurance Legislators his first stop last Thursday in an effort to promote his plan for a private, state and federal layered approach to ensure consumers are protected in the event of a so-called mega-catastrophe.
Texas Rep. Craig Eiland, D-Galveston, attended the two-day National Catastrophe Insurance Summit earlier in the week in San Francisco and thus had a good grasp of the details proposed.
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