Insurers criticize U.S. catastrophic insurance fund bill

06/29/2006 | NYTimes.com

Consumer advocates and state regulators praised a proposed House bill to create a federal insurance fund to help pay claims from hurricanes, earthquakes and other natural disasters. However, insurers called it unnecessary, saying the industry has coped well with recent disasters. Insurance officials said the private sector can handle non-flood disaster insurance better than another federal program like the currently indebted National Flood Insurance Program could.

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