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MULTI-STATE SOLUTION GAINS BROAD SUPPORT
The Homeowners' Hurricane Insurance Initiative
(HHII) has been working very hard to bring
together a small group of experts to examine
all the facts associated with high wind
insurance premiums and on March 31, 2016,
technical experts from seven Gulf and Atlantic
State Departments of Insurance and/or wind
pools participated in a day-long discussion
right before the National Association of
Insurance Commissioners gathering in New Orleans.
The meeting's purpose was to evaluate the pros and cons of several multi-state structures that
would collect and distribute catastrophe wind (maybe flood, and maybe multi-perils) premiums as a non-profit,
with the objective of minimizing the effects of the interaction of reinsurance and catastrophe models on consumers.
The following day (4/1/2016) the Gulf Coast/East Coast Coalition
(GCECC) met in Biloxi at the Steps Coalition to lay out a strategy connecting several layers of our communities - Churches, trade organizations (like realtors, homebuilders), chambers of commerce, banks, local-state-federal elected officials, regulators (DOI) and the insurance industry - where the end result will be that our federal level elected officials will feel the need to make the establishing of
a multi-state entity, (such as described starting on page19 of
the Coastal Insurance Work Group report recently
presented to Gov. Bentley), a reality.
has the vision to
give the needed muscle to do the heaviest lift imaginable – to
be the catalyst that will return insurance to its original
vocational calling in society – to be the source of resilience
after a catastrophe.
As an indication of the breadth of support for this approach,
the following entities were represented in these discussions: a Congressional and
a State legislative office Alliance Institute, the Alabama DOI, BISCO, StopFEMAnow, NC-20, United Policyholders, Steps, and GCEC/HHII
Grassroots organisations from seven states participated in
person or by phone.
Charlie Angell (Al DOI) and Michelle Kurtz & Earl Janssen
(HHII) and deserve recognition and thanks for organizing and
facilitating these discussions.
to read Salient Points from technical experts meeting
read Biloxi grass roots meeting (4/1/2016) minutes. The insurance notes might get a bit dense.
A couple of key sentences are highlighted
in yellow -- significant statements from the consumer-grassroots perspective. They say, basically:-
Multi-state Merged Wind Pools can Morph into a National All-Catastrophic-Perils insurance entity. (Bye-bye BW?)
Properly done, Geographic spread of Risk and Multiple Perils offers policyholders the best prices and security.
LAGNIAPPE REPORTS ON COASTAL INSURANCE BILL
The March 31 edition of Lagniappe carries an informative article
on page 8 headed 'Coastal Insurance bill advancing in
Legislature'. Lagniappe is a notable exception to the general
lack of coverage given by the majority of local media.
LARGE CROWD AT ORANGE BEACH ACIA COMMUNITY MEETING
The Orange Beach HHII/ACT-II Insurance informational meeting about the proposed ACIA was superb.
More than 200 people showed up and stayed long
Charlie Angell (Al. Department of Insurance) did an excellent job explaining ACIA. Earl Janssen chaired the meeting. The audience reception was very warm.
LILLIAN ACIA COMMUNITY MEETING DRAWS LARGE AUDIENCE
people attended the community meeting in Lillian and asked very
good questions for 45 minutes. They were very supportive of the
proposed Alabama Coastal Insurance Authority proposal and
Alabama Coastal Insurance Authority
The Governor’s Work Group proposes to cut wind premium by 50%
will only pay for actual claims that occur, not the potential losses
predicted by the catastrophe models!
SB298) has been inroduced to
create the Alabama Coastal Insurance Authority (ACIA).
the Bill point paper
Frequently Asked Questions
to understand how the ACIA will do the job.
Read Mark Fowler (Chief of Staff ADOI)'s remarks
the Al House Insurance Committee.
CIWG FINAL REPORT ISSUED
The final report
of the Coastal Insurance Work Group was presented to Gov. Bentley on Wednesday,
January 20, 2016. The executive summary is a decent overview but the multi-state solutions get better coverage starting at page 19.
HHII feels strongly that the ACIA (AL only option, a possible model for multi-state) and multi-state have to be implemented in close succession if not simultaneously or else AL could be swinging in the breeze. ACIA is a strong solution, but it is the multi-state solutions that bring robust resilience, sustainability and all kinds of possibilities for financing community mitigation.
HHII WELCOMES SPEAKING ENGAGEMENTS
HHII can fully inform your community or fraternal organization,
or church group, small or large, about what is happening with
homeowners' insurance. The presentation can be as short as
ten minutes or as long and in depth as you would like.
Call 251-928-3430 if you know of any who would be interested.
This toolkit includes links to detailed information to help answer questions about the changes coming to the NFIP.
ACT-II was developed by Baldwin County pastors in conjunction
with Ecumenical Ministries, Inc. Together we work on a wide variety of
problems in both poor and affluent communities around the county. Our
mission is to develop leaders and empower people to take democratic
action to improve the quality of life in our communities using our
dialogue to action church-based model and principles.
History of ACT-II.
This site is maintained for HHII by Colin Keleher, who is solely
responsible for its content. In general, posts with upper case headings
originate with HHII; posts with lower case headings are aggregated from
the cited sources. Please report errors and make suggestions to firstname.lastname@example.org