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Ricardo Lara says certain carriers had tried to dissuade policyholders from filing claims.
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The groups sent a letter of opposition yesterday to the California congressman.
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The proposed legislation would potentially have a cataclysmic impact on insurers’ balance sheets, according to industry trade bodies. -
The move comes after Republican lawmakers asked President Trump to intervene on the industry’s behalf.
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Mandating carrier payouts for uncovered claims would undermine contract law and jeopardise the sector’s solvency, the lawmakers warn.
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The bill follows similar legislation proposed in six other states.
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The US President was speaking in a White House press conference on Friday.
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Under a draft bill seen by this publication the scheme would pay out when aggregate claims surpass $250mn.
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SCGM says that the policy provides coverage because Covid-19 is a variant of SARS.
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The state has joined New York, Ohio and Massachusetts in considering the bill.
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The estimate comes as some US states consider proposals to force insurers to cover all BI claims.
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The executive was head of casualty for North America and London for Axis Reinsurance.
