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Under a draft bill seen by this publication the scheme would pay out when aggregate claims surpass $250mn. -
Montemayor also sits on the board of the insurance-focused private equity fund Black Diamond.
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The state has joined New York, Ohio and Massachusetts in considering the bill.
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The industry association umbrella group urges regulatory flexibility around requests for pandemic-related data.
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The order also forbids insurers operating in the state from charging fees for late payment.
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In a letter to lawmakers the executive said the government should step in.
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Five trade bodies sent a letter to senior politicians including President Donald Trump.
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Under the plans, insurers would nominate themselves to help distribute aid.
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The proposed law would put all insurers operating in the state on the hook for Covid-19 losses.
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The Ohio and Massachusetts proposals come as the APCIA estimates small business losses due to Covid-19 at up to $383bn a month.
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Industry groups have raised the potential option but say other more pressing matters should come first.
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Industry lobby groups yesterday pushed back on calls to extend cover for losses from communicable diseases.
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