The National Association of Insurance Commissioners is considering a draft of a national catastrophic risk insurance program as one means of reforming the way that the nation finances the economic losses from natural disasters. The NAIC is suggesting initiatives that would enhance the ability of markets to respond, as well as provide incentives for states and communities to improve land-use planning, building codes, and other loss prevention and mitigation activities. Other provisions would allow insurers to establish tax-deferred catastrophe reserves and to use catastrophe bonds to develop additional capital for such risks. The proposal also calls for government-mandated coverages, rates, or discounts.

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