Washington--The Consumer Federation of America is calling for caution as the pressure builds on Congress to create a federal support system for insurance losses due to large natural catastrophes.
CFA noted an increase in calls for such a backstop, including legislation introduced in the House and an advertising campaign by Allstate==the organization released a set of standards it said should form the basis of any new federal program.
"The federal government does not have a good record of setting up insurance programs that are well-run, so Congress needs to be very cautious when considering another plan to back up the insurance industry," said J. Robert Hunter, CFA insurance director.
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