What do insurers think of New York Insurance Superintendent Eric Dinallo's proposal to require property carriers doing business in the state to set aside money for a catastrophe reserve fund that would accumulate over the years to pay for future hurricane losses?
Reactions have been generally positive, but most interested parties would like to see more information before endorsing the plan, and some believe a federal tax exemption is required to make the idea viable.
N. Stephen Ruchman, past president of the Professional Insurance Agents of New York, said of Mr. Dinallo's plan: "I believe in concept it's a good idea, but in actuality, I don't think it would ever fly." He said such a plan has to come from the federal government because the industry needs tax credits that only Congress can provide.
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