The Property Casualty Insurers Association of America expressed concern about an effort to create state and federal funds to backstop property insurers' natural catastrophe losses.

The National Association of Insurance Commissioners is currently considering a plan that would not only create such state and federal funds for mega-catastrophe risk but also mandate "all-perils" policies that would for the first time in nearly 40 years include flood risk.

The American Insurance Association has opposed the plan from the outset, but the PCI and NAMIC have reacted more cautiously, with NAMIC recently coming out against it.

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