After issuing a formal white paper on the subject last week, Travelers Companies Inc. also issued a request—to let an independent federal commission regulate rates for hurricane wind coverage.
The report was distributed at the Southeastern Commissioners’ Conference “Catastrophe Preparedness & Insurance Forum” in Biloxi, Miss., last week, where Brian MacLean, Travelers president and COO, outlined the detailed set of principles designed to provide the private market with a solution to the coastal insurance crisis.
MacLean presented the plan to Mississippi Gov. Haley Barbour and four state insurance commissioners at the meeting. Currently, the authority for such rate regulation is held at the state level.
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