Mike Chaney, Republican nominee for Insurance Commissioner, returned from a two –day trip to Mobile, AL (Sun., Sept. 23 – Mon. Sept., 24) where he attended a public hearing on insurance issues affecting the Gulf Coast. The meeting was hosted by National Association of Insurance Commissioners President, Alabama Insurance Commissioner Walter Bell.
In addition to Senator Mike Chaney, the event was attended by Louisiana Insurance Commissioner, Jim Donelon, U.S. Representatives Jo Bonner (R-Ala.) and Tim MaHoney (D-Fla.), along with insurance regulators from Florida, Mississippi, and South Carolina. Representatives from industry also provided testimony.
“We are facing an insurance crisis situation in Mississippi and particularly on the Gulf Coast.” Chaney said. “When people can find insurance to buy, the rates are higher than what they are paying on their mortgage. Insurance companies have not only been cancelling or non-renewing policies, we’ve seen increasing deductibles and the introduction of new coverage limitations – making a bad situation worse!”
Discussion focused on the need to find solutions while achieving stability for Coastal insurance markets.
“The intent of the hearing was to bring together industry, regulators and consumers to discuss a means to bring affordable, reliable, and available insurance to the Gulf states.” Chaney said. “This was an important hearing because all of us bordering the Gulf face common problems with insurance that call for a collective solution.”
“I am pleased that I had the opportunity to discuss Mississippi’s plan requiring new home construction to meet more stringent regulations to better withstand hurricanes. We also discussed the limits faced in the private market and the need for a federal safety net.” Chaney added.
Noticeable absent at this unprecedented meeting was the Democrat candidate for Insurance Commissioner. According to his public schedule, he attended an ice-cream social on Sunday, Sept. 23rd, and had nothing on his schedule for Monday, Sept. 24th.
Mike Chaney Campaign Release