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News > West News > Jul 2007

West News

Calif. Earthquake Authority Pushes for Industry Assessments

July 11, 2007

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Negotiations are continuing in the California insurance industry, as the
state's Earthquake Authority (CEA) continues to seek a way to make up $2.183
billion first industry assessment layer. At its recent governing board meeting,
held June 26, the CEA emphasized the urgency to maintain its claims paying
capacity.

Insurance companies that sell CEA policies currently contribute funds to the
CEA to help it insure for a 600-year event. However, the assessment layer is set
to expire in December 2008.

At the meeting, representatives from the Association of California Insurance
Companies, American Insurance Association and Personal Insurance Federation made
statements that they would like to see the first industry assessment layer
reduced after 2008. A representative from USAA insurance indicated that his
company would prefer the first industry assessment layer be reduced to cover a
300-year event.

California Commissioner Steve Poizner expressed concerns with consumers' take
up rates for the earthquake insurance, and emphasized that despite the industry
versus CEA's differences, that it is important to work with insurers who are
responsible for selling the earthquake insurance policies.

The CEA governing board ultimately directed its staff to continue negotiating
the matter, with the goal of seeking legislation in 2007 that addresses the
issue. All noted the time available to seek a legislative solution was limited,
given how late it is in the current legislative session.

The next CEA board meeting is scheduled for July 24.

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Continuing
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Governer Charlie Crist

Jul 11, 2007, 12:24 pm

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