Regulators Map A CAT Plan
After a two-day huddle, regulators unveiled a plan for a national catastrophe insurance program with a wide-ranging outline, but few specifics at a California "summit" last week.
California Insurance Commissioner John Garamendi said the basic underpinnings included requiring individual property owners to take steps to mitigate risk, asking the private insurance and reinsurance sector to provide a guaranteed all perils personal lines catastrophe policy, and involving state and federal governments to provide a backstop for insurers.
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