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ABIR raises opposition to homeowners bill
09 March 2010
The Association of Bermuda Insurers and Reinsurers today filed its opposition to a house bill which would replace private sector risk bearing capital with government reinsurance and government guarantees of state debt.
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[Association of Bermuda Insurers and Reinsurers ]
[brad kadikng]
[ABIR]
[Homeowners Defense Act]
The Association of Bermuda Insurers and Reinsurers (ABIR) today filed its opposition to a house bill which would replace private sector risk bearing capital with government reinsurance and government guarantees of state debt.
In a statement ahead of tomorrow’s House Financial Services Committee hearing on HR 2555, the Homeowners Defense Act, Bradley Kading, president and executive director of ABIR, objects to the bill. “The effect of HR 2555 would be to force US taxpayers countrywide to subsidise the insurance costs of state catastrophe funds in those states most exposed to hurricanes and earthquakes,” said Kading.
It is Kading’s contention that those who support HR 2555 are primarily...
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