Drumroll please……

Mike Chaney claims to be the man with the plan. Here is to hoping he does a better job with the NFIP rate ups than he did with that State Farm Market Conduct Study that his office botched.

Mississippi insurance commissioner says he has a flood insurance solution ~ Paul Hampton

Seeing as how everyone down here on the coast was sold out to the insurance industry by their own politicians including Congressman Steven Palazzo I think it wise to view these gyrations as a desperate attempt by the gang to save their jobs and yes, when these rate hikes go through Palazzo is done along with Chaney.

No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money. ~ Matthew 6:24

4 thoughts on “Drumroll please……”

  1. ” No details”- HHmmmm- Maybe da’ commish could convince the DMR to use da’ fund to buy up all the coastal property in jeopardy.

    Whats good fo’ da’ Walkers bees good fo’ all.

  2. Maybe he will set up a state flood pool similar to the wind pool, since that is working so well.

  3. Just want to point out that the insurance company that sells you a flood policy keeps 30% of the premium but does not take on any of the risk. The 30% comes from industry data accepted (endorsed) by NFIP based on the average total of commissions and administrative costs for their own insurance products. Never mind that for their own products they have underwriting and marketing costs, etc. that are all paid for by NFIP in the case of flood policies. That 30% does not cover claims handling. They get another administrative subsidy to more than cover their claims costs.

    In 2010 Gene Taylor proposed an amendment to cut the 30% administrative subsidy to 29%, a small reduction but one that was included and explained in the Congressional Budget Office 2009 report on options for budget savings. However, the House Rules Committee to did not make the amendment in order to be offered on the House floor. They did let Taylor offer his amendment to prevent insurance companies that sell flood policies from having anti-concurrent causation clauses in their wind policies. The amendment passed, but there was no final bill in that session. The Biggert-Waters bill in the next Congress did not mention anti-concurrent causation or the 30% expense allowance.

    1. Like I’ve been saying, if Gene Taylor had been in Congress Biggert-Waters would have never passed. The fox is still officially sanctioned to remain in the henhouse and the tab gets stuck on the little people.

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