A unit of the National Association of Insurance Commissionershas modified a portion of its mega-catastrophe plan that deals withflood risk.
Florida Commissioner Kevin McCarty, who chairs the CatastropheInsurance Working Group, said that flood coverage would no longerbe a mandated coverage in a proposed all-perils catastrophe policybut improved through reform of the National Flood InsuranceProgram.
The NAIC program consists primarily of state and federal fundbackstops for natural catastrophe mega-risk insurance losses and aseries of provisions encouraging loss mitigation.
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