US hears state cat bill proposals
March 11, 2010
THE US House of Representatives Financial Services Committee convened hearings Wednesday on a measure that would establish a federal reinsurance programme for state earthquake and hurricane catastrophe funds. The hearing, held jointly for the committee’s housing and capital markets subcommittees, sought input on how legislation could serve to reduce insurance costs for homeowners in disaster-prone regions. Glenn Pomeroy, chief executive of the California Earthquake Authority (CEA), told the hearing that “offering...