Coast group discusses insurance victory - WLOX.com - The News for South Mississippi

Coast group discusses insurance victory

LONG BEACH, MS (WLOX) -

A grass roots organization working to ensure affordable wind insurance on the coast met in Long Beach Tuesday night to discuss recent victories in their battle. The major one was getting a clarity bill passed in the state legislature.

"It's been really impressive to see what's been done and I'm really grateful for all the work all of you have done," said MAWIC Committee Member Leonard Carrubba.

The Clarity Bill will require insurance companies to turn over some important information.

"That information is going to give us hard figures as to the earned premiums and losses by zip code. And they're in such a fashion that we can compare them easily by each area of the state. And that's what we needed, because before all insurance companies reported differently and we could not compare... to see what we are paying on the coast is equitable," explained MAWIC Committee Member Paulette Mowbary.

The Mississippi Affordable Wind Insurance Coalition said passage of the bill is just the first step; There is still a lot more work to be done.

MAWIC member R.Lee Flowers said, "There is a lengthy list of things they will provide and the deadline for providing that is October 1st. of this year. Now this is where we have a big job to do. There are some clauses in the guidelines for the reporting that will allow for a wavier or delay. That's where if the companies ask for waivers or delays that we make sure they are granted for some real important reasons."

The ultimate goal is to create what MAWIC calls a Coastal Band.

"And form a cooperative of sorts in order to self fund wind insurance premiums. Self fund it's so we don't have to spend the high insurance for re-insurance. A couple of points: We don't want that money to go out of the United States. Secondly, we think we can control rates. We think it's financially feasible with that Coastal Band self insurance concept," said Mowbary.

The Clarity Law will take effect July 1, but the insurance companies won't have to start providing the information until October 1, 2015.

Copyright 2015 WLOX. All rights reserved.

Powered by Frankly