Bermuda Assn opposes US cat bill
March 10, 2010
THE Association of Bermuda Insurers and Reinsurers (ABIR) has sent written opposition to US lawmakers against proposed legislation that would give federal back-up to state catastrophe funds. The ABIR said that the proposed bill, HR 2555, would “replace private sector risk bearing capital with government reinsurance and government guarantees of state debt” and “force US taxpayers countrywide to subsidise the insurance costs of state catastrophe funds in those states most exposed...