S. 1043, Natural Disaster Protection And Insurance Act of 1996 : Hearing Before the Committee On Commerce, Science And Transportation, United States Senate, One Hundred Fourth Congress, Second Session, July 18, 1996
S. 1043, Natural Disaster Protection And Insurance Act of 1996 : Hearing Before the Committee On Commerce, Science And Transportation, United States Senate, One Hundred Fourth Congress, Second Session, July 18, 1996
United States. Congress. Senate. Committee On Commerce, Science, And Transportation
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Insurers are. taking potential Catastrophe Fund recoveries into account when they try to determine how many Florida risks they can cover. Florida legislators have also been instrumental in the National Conference of Insurance Legislators* adoption of a model catastrophe fund act, which closely resembles the Florida law. Their frequently-stated reason for advocating new catastrophic entities is that any increase in catastrophic capaaty anywhere - whether anodier state's clone of the Florida Cata...strophe Fund, or some odier state-sponsored reinsurance plan, or the excess of loss contracts provided for in S. 1043 - ultimately benefits Florida, increasing thrcatastrophic capacity available for Florida and improving Florida's ability to stabilize the market Loss mitigation Florida legislators also recognized that improved loss prevention is one of the best ways to assure that a finite supply of insurance dollars will be sufficient to cover all of the properties in the state. After Andrew, the importance of loss prevention became apparent A Dade County grand jury report found that losses from Andrew would have been reduced by up to 30% had the then- current Dade County building code been properly enforced.
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