The National Association of Mutual Insurance Companies (NAMIC) says a bill intended to buoy the insurance market in coastal areas may instead crowd out private insurers and encourage risky development.
Testifying at a field hearing in West Palm Beach, Fla. held by the House Subcommittee on Oversight and Investigations, NAMIC VP of public policy Robert Detlefsen voiced concern over H.R. 2555, the Homeowners Defense Act. Detlefsen said to properly address coastal insurance issues there must be a balance between the private and public sector and that any new policy should avoid encouraging risky behavior in disaster-prone areas by artificially suppressing insurance rates.
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