New York Insurance Superintendent Eric Dinallo challenged the inertia paralyzing the nation's regulatory scene twice last month.
For one, he proposed requiring property writers to set up a reserve for disaster claims, regardless of the immediate federal tax implications. His goal is to end the boom-and-bust cat cycle and halt the withdrawal of major carriers afflicting coastal homeowners.
For an encore, he pitched an idea for the Empire State to unilaterally jettison the collateral requirement slapped on all foreign reinsurers, instead calling for a plan based on a carrier's financial strength–with top-rated companies putting up no money at all. He is looking to increase reinsurance capacity and ultimately lower rates.
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