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AIA joins opposition to homeowners bill
09 March 2010
Leigh Ann Pusey, president and CEO of the American Insurance Association, today sent a letter to the House Financial Services Committee voicing concerns over the Homeowners’ Defense Act (HR 2555).
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[Leigh Ann Pusey]
[American Insurance Association]
[Homeowners’ Defense Act]
Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), today sent a letter to the House Financial Services Committee voicing concerns over the Homeowners’ Defense Act (HR 2555).
The letter, sent in advance of the joint natural catastrophe risk mitigation hearing before the Subcommittee on Housing and Community Opportunity and the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises tomorrow, raises concerns that the proposed legislation would displace the private insurance market, encourage building in catastrophe-prone areas, and place an unfair burden upon taxpayers not located in catastrophe-prone states.
Pusey outlined a reform agenda for improving the private sector’s ability to serve homeowners and businesses affected by storms, placing emphasis on mitigation efforts, stronger building codes, regulatory and legal reforms to improve the stability of insurers’ operating environment, tax incentives to promote responsible building and preparation, and comprehensive reforms to the...
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