From Sunshine State News:

The R Street Institute, a free-market think tank headquartered in Washington, D.C., today expressed strong opposition to the recent introduction of HR 240, the Homeowners Insurance Protection Act, and the pending reintroduction of the Homeowners Defense Act, both bills that it says would create a federal bailout fund for state catastrophe reinsurance programs.

…“By suppressing insurance rates and offering coverage with premiums that are insufficient to cover expected claims, state property insurance programs encourage development in the most risk-prone and environmentally sensitive regions,” R.J. Lehmann, R Street senior fellow, said in a press release. “A new federal reinsurance program would exacerbate all of these programs, all while displacing the vibrant global reinsurance market in favor of concentrating risk on the backs of federal taxpayers.”


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