An Allstate-financed group that is lobbying for creation of anational catastrophe fund is hailing a bill introduced in the NewYork legislature as an aid to their effort.
Filed last week, the bill by State Sen. Michael Balboni, R-EastWilliston, would create a New York fund that would involve apublic-private partnership providing a backstop for the state'sproperty-casualty insurers in the event of a major naturalcatastrophe.
The legislation--titled the New York Consumers CatastrophePreparedness and Protection Act--was applauded by theProtectingAmerica.org group co-chaired by James Lee Witt, a formerFederal Emergency Management Agency director.
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