Ray,
Before you write an article (especially one critical of a state elected official) you need to do diligent research and get the facts! Here are a few of the ones you missed:
1. Over 120 million in state and Federal aid was given to the Windpool following Katrina.
2. The insurers were accessed not the policyholders following Katrina.
3. Prior to House Bill 1500 (Before Katrina) the Windpool was not required to purchase
reinsurance.
4.The Surplus lines tax you elude to is 3% NOT 3 million (The actual amount that goes to
the Windpool is somewhere in the neighborhood of 11 million).
5. Look up the reason the Windpool shrunk…Hint: Commercial lines is no longer included.
6. Due to mitigation,higher elevation requirements, and percentage deductibles from 2-10%
the exposure on the coast is a lot lower than pre-Katrina.
7. Mike Chaney is responsible for the unprecedented 23 insurers who currently write Wind
Coverage in the lower 6 counties.
8. Also, you might find this interesting reading: http://www.mid.ms.gov/companies/pdf/examination-reports-2017/Windstorm-2017.pdf
9. You failed to mention that the Windpool has 250 million in Surplus!
10. Did you read House Bill 1500?
That’s a lot of mistakes and omissions for such a critical article…OBVIOUSLY you don’t know the FACTS or Mike Chaney!
Ray,
Before you write an article (especially one critical of a state elected official) you need to do diligent research and get the facts! Here are a few of the ones you missed:
1. Over 120 million in state and Federal aid was given to the Windpool following Katrina.
2. The insurers were accessed not the policyholders following Katrina.
3. Prior to House Bill 1500 (Before Katrina) the Windpool was not required to purchase
reinsurance.
4.The Surplus lines tax you elude to is 3% NOT 3 million (The actual amount that goes to
the Windpool is somewhere in the neighborhood of 11 million).
5. Look up the reason the Windpool shrunk…Hint: Commercial lines is no longer included.
6. Due to mitigation,higher elevation requirements, and percentage deductibles from 2-10%
the exposure on the coast is a lot lower than pre-Katrina.
7. Mike Chaney is responsible for the unprecedented 23 insurers who currently write Wind
Coverage in the lower 6 counties.
8. Also, you might find this interesting reading:
http://www.mid.ms.gov/companies/pdf/examination-reports-2017/Windstorm-2017.pdf
9. You failed to mention that the Windpool has 250 million in Surplus!
10. Did you read House Bill 1500?
That’s a lot of mistakes and omissions for such a critical article…OBVIOUSLY you don’t know the FACTS or Mike Chaney!