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N.Y. Proposes 'Rainy Day' Catastrophe Insurance Fund With Eventual Tax Break

East News • October 5, 2007
Insurance companies providing homeowners, business and other property insurance in New York State would be required to create a catastrophe reserve fund to help pay claims caused by hurricanes and ...

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Subject: Questions?

Posted On: October 5, 2007, 12:49 pm CDT
Posted By: Sam
Comment:
Dinallo said "he believes people are willing to pay a relatively small amount to ensure that whoever does have a catastrophe loss is protected". Does whoever mean any resident of NY would be bailed out by the rainy day fund, whether they have paid insurance or not? What about flood, which is excluded on policies? Would the rainy day fund pay flood losses for those who don't purchase flood insurance? It seems another attempt to make those with less exposure fund and bail out the high exposure of others. It hardly seems fair for a working class homeowner in western NY to have to subsidize the multi-million eastern properties, which is where the exposure lies.

I'm just wondering how well this has really been thought out.
Subject Posted By Posted On
another point of view another actuary
Oct 30, 2007, 2:10 am
RE: RE: Rainy Day Fund an actuary
Oct 9, 2007, 7:15 am
RE: Rainy Day Fund lastbat
Oct 8, 2007, 11:27 am
Rainy Day Fund gary
Oct 7, 2007, 1:18 pm
RE: Superintendent Dinallo (and Spitzer Administration) miss Temblor
Oct 6, 2007, 7:49 am
Superintendent Dinallo (and Spitzer Administration) misses t CCD
Oct 5, 2007, 4:05 pm
RE: RE: Why stop with insurance companies? DC
Oct 5, 2007, 2:52 pm
RE: Why stop with insurance companies? P Funk
Oct 5, 2007, 1:18 pm
Questions? Sam
Oct 5, 2007, 12:49 pm
Why stop with insurance companies? DC
Oct 5, 2007, 11:16 am
Learn something new every day lastbat
Oct 5, 2007, 10:12 am
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