WASHINGTON--Legislation creating a commission to determine whether the private insurance market has the resources to deal with catastrophic natural disasters breezed through the Senate Banking Committee today.
The legislation, "The Commission on Natural Catastrophe Risk Management and Insurance Act of 2007," creates a 16-member panel, to be appointed by the congressional leadership, to study various aspects of natural disasters and insurance.
This will include preparing a report that must be given to Congress by Dec. 1, 2008. Among its determinations, the panel must tell Congress whether some cat exposures may be beyond the capability of the private market and individual state cat funds to deal with.
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