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The industry can avert costly conflict by showing it understands the challenges facing policyholders. -
The trade association will hold dialogue about the BCPP scheme with members of the US House Committee on Financial Services.
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Insurance bodies including APCIA and NAMIC strongly oppose the draft legislation.
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Regulators have remained responsive despite the Covid-19 pandemic, according to the Obsidian CEO.
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The carrier’s plan would provide up to $750bn in pandemic cover for small businesses and $400bn for large enterprises.
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Councilmember Mary Cheh has proposed legislation to extend the period during which policyholders can notify insurers of losses or appeal claims decisions.
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If passed, the amended legislation would compel insurers to pay out for virtually any policyholder affected by a civil authority shutdown order
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The industry groups say the economic recovery from coronavirus will rely on the ability of businesses to secure pandemic risk insurance.
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If passed, the proposed law would introduce a presumption of coverage for coronavirus losses.
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More than 20 trade associations write to Treasury Secretary Steve Mnuchin.
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The legislation still needs approval from the House and Senate.
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The utility expects to emerge from Chapter 11 in July after a bankruptcy court approves its settlement.
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