National Association of Insurance Commissioners (NAIC) President and Alabama Insurance Commissioner Walter Bell, along with other members of the NAIC’s Southeastern Zone, is holding a public hearing to address insurance issues in coastal zones.
Bell and state insurance regulators from Florida, Louisiana, Mississippi and South Carolina, will host the hearing on Sept. 24.
“There are pressing needs in the Gulf states. Rates are rising and consumers are having their policies canceled or non-renewed,” Bell said. “Our goals are to seek input on the steps that we, as insurance regulators, will take to help ensure the affordability and availability of insurance for America’s consumers, as well as bring stability to the coastal insurance market.”
In addition to increasing deductibles and introducing other coverage limitations, insurers have been withdrawing from coastal markets by canceling or non-renewing policies. Further, the cost of insurance products in the Gulf Coast area is rapidly rising.
U.S. Rep. Jo Bonner, R-Ala., is scheduled to attend the NAIC public hearing. Representatives from Travelers, State Farm, RenaissanceRe, Municipal Bond Insurance Association (MBIA) and ProtectingAmerica.org are scheduled to provide testimony.
“The intent of the hearing is not to cast blame or disparage insurers for past actions,” Bell added. “State insurance regulators want to work together with the industry and interested parties to achieve stability in the marketplace. We face common problems that call for a collective solution.”
The public hearing will begin at 9 a.m. on Sept. 24, in Mobile, Ala., at The Battle House Renaissance Hotel, 26 N. Royal Street.
Source: National Association of Insurance Commissioners
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