White House says no go to catastrophic insurance
Thursday, April 12th, 2007 Catastrophe PropertyLawmakers seeking an overhaul of the insurance industry got the disappointing news Wednesday that the White House opposes setting up a federal catastrophic insurance program. Edward Lazear, chairman of the Council of Economic Advisers, told members of the Senate banking committee that such a program would spread costs unfairly among taxpayers nationwide. "The insurance industry is healthy, and the private sector is well-equipped to provide insurance for hurricanes and other natural catastrophes, but state regulators and the federal government must allow the private market to function," Lazear testified at a committee hearing.
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