Insurer Proposes Rate Regulation Change

By: The Associated Press
By: The Associated Press

One of the nation's largest insurers has unveiled a plan to shift the authority for regulating rates for hurricane wind coverage from state regulators to an independent federal commission.

Mississippi Gov. Haley Barbour and four state insurance commissioners heard about Travelers Companies' plan Friday at an insurance forum in Biloxi.

The company said federal oversight of homeowner rates in four U.S. coastal zones would create a more stable market for insurers and homeowners than state-by-state regulation.

Louisiana Insurance Commissioner Jim Donelon said the plan would have to be overhauled before he could support it. Donelon said he is open to federal intervention to help make coastal insurance more affordable and available but can't support federal deregulation of the industry.

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