Insurers balk at regulators' plan to develop own catastrophe models

09/23/2009 | PropertyCasualty360

The National Association of Insurance Commissioners drew flak from industry representatives for secretly discussing plans to develop its own natural catastrophe models. Insurers questioned the need for developing new models, especially because there are existing models from private firms. Because funding for the project would come from the industry, NAIC should be transparent and discuss its plans with insurers, said Deidre Manna, PCI vice president for industry, regulatory and political affairs.

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