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In a newly revised white paper titled “Residual Market Property Plans: From Markets of Last Resort to Markets of First Choice,” the Insurance Information Institute (I.I.I.) cautioned that the finances of many residual market property plans in hurricane-exposed states lack solid footing.

In the report, I.I.I. explained that certain plans are increasingly strained by the credit crunch and the prolonged economic downturn. This means that it is more difficult to borrow funds and therefore many state-run insurers are putting themselves at a heightened risk through greater dependence on bond markets.

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