Foreign insurers are "using scare tactics" to maintain the status quo and discourage Congress from passing tighter rules over the ceding of premiums offshore by the U.S. affiliates of foreign carriers, a leading CEO told a congressional hearing last week.
William Berkley–chair and CEO of the W.R. Berkley Corp. and head of the domestic insurers' coalition pushing for new legislation–said foreign carriers are "attempting to confuse the real issues by claiming the bill will adversely affect pricing and capacity for catastrophe reinsurance in coastal states and the rest of the U.S. insurance market."
However, he added, "the facts are undeniable and the opponent's claims are simply false. The bill will have little or no impact on the availability or cost of catastrophic coverage in coastal areas or elsewhere."
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
