WASHINGTON, D.C.–The National Association of Insurance Commissioners approved a resolution calling for Congress to create a commission to look at national solutions to cover mega-catastrophe risk.
Sunday's vote culminated more than six months of debate following last year's record insured storm losses and looks at new mitigation incentives, as well as state and federal catastrophe funds, to help provide more mega-catastrophe risk coverage.
The resolution came during the Kansas City, Mo.-based association's meeting here this week.
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