Tag: Consumer Federation

Senator Wicker introduces a Senate version of NFIP reauthorization and enters the special interest briar patch.

Today Anita Lee profiles in the Sun Herald legislation introduced in the Senate by Roger Wicker to reauthorize the NFIP for 5 years. Talking NFIP is fashionable in political circles these days and the insurance industry is heavily dictating the discussion in DC. 

After reading the entire bill and Senator Wicker’s FAQ sheet I’ll say I was underwhelmed. Don’t get me wrong I greatly appreciate the fact that Wicker is the only national politician in Mississippi that gives a shit about the coastal insurance crisis. I just don’t think using concepts based on MID Commish Mike Chaney throwaway lines advances the cause of true NFIP reforms much and I agree with former Texas Commish Robert Hunter who thinks Wicker’s proposal is unworkable in practice.  Then again here at Slabbed we’re underwhelmed by Mr Hunter’s proposals too as the thinking at the consumer federation just isn’t innovative in its own right but that is another post.

Otherwise the Senator’s bill reauthorizes the NFIP almost as is, with the same low overall coverage limits.  One big change is the 20% annual rate increases and like the House there are new mapping provisions. Reading this latest story and an earlier piece in the Sun Herald on a similar bill on the fast track through the House of Representatives you really get a flavor for exactly how much the insurance lobby is dominating the discussion in DC.  Wicker himself alluded to it as Anita reports:

Wicker believes his bill is more palatable than previous efforts to offer optional wind coverage through NFIP so that one policy would cover wind and storm-surge losses. Continue reading “Senator Wicker introduces a Senate version of NFIP reauthorization and enters the special interest briar patch.”

Speaking of Socialism and Mississippi Republicans. An Open Letter to our Favorite Captured Regulator the Commish

Anita Lee is always good but today she is also heaven sent. It seems the Consumer Federation of America and United Policyholders have taken Mr Chaney to task for not doing a good job looking out for consumers. Duh! I guess we should be grateful he has finally gotten around to the fortified bunker program.

I guarantee Kevin Buckel and Amy Bach aren’t the only two people that our Commish feels free to ignore. IMHO Chaney and his staff were too busy leaking David Rossmiller info about the Market Conduct Study to bother with such trivialities.

In any event (and while we wait to hear what Mr Matthews and Company think of Mr Chaney and his Market Conduct Study) here is Anita Lee’s story about how consumers/voters need not apply for access to the Commish -he is simply too busy.

Mississippi Insurance Commissioner Mike Chaney needs to do a better job for consumers, two national organizations have concluded, but Chaney said Wednesday night that he he has “a full platter.” Continue reading “Speaking of Socialism and Mississippi Republicans. An Open Letter to our Favorite Captured Regulator the Commish”

Multi-Peril Insurance: Dead for the Year?

Last Thursday, the National Underwriter contained a story of the unusual coalition that had developed in opposition to HR 3121. Matt Brady reports:

In a case of politics making strange bedfellows, J. Robert Hunter of the Consumer Federation of America and the Reinsurance Association of America have joined to oppose legislation expanding the National Flood Insurance Program.

Those that closely follow insurance issues know Mr. Hunter runs insurance issues for the Consumer Federation of America a non profit group composed of other consumer oriented non profits that speak with a single voice on issues they deem important. In this case the debate on HR 3121 and the CFA’s opposition derives from the intersection of environmentalism and insurance theory.

The basis for his opposition to plans to expand the NFIP, Mr. Hunter said, is that while it may sound like something that could help consumers, he believed it would instead likely only aid developers looking to build along the coast. Continue reading “Multi-Peril Insurance: Dead for the Year?”