Homeowners cat backstop measure passes House

Monday, November 12th, 2007 Property

The House of Representatives has approved a bill that create a federal backstop for state catastrophe insurance pools. The Homeowners’ Defense Act of 2007, which passed on a 258-to-155 vote Thursday, would create a National Catastrophe Risk Consortium. The entity would, among other things, issue securities and other financial instruments linked to the catastrophe risk in the capital markets.

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http://www.businessinsurance.com/cgi-bin/news.pl?newsId=11564

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