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Nyce, Foundations of Risk Management and Insurance – SKN

National Coordination

Professional Management

1) NCIGF Staff

2) State Association Managers

3) State Claims Managers

4) State Boards

5) 1992 Professionalism Survey

Uniformity – has been a problem, but the following have been achieved:

1) Adoption (52 Jurisdictions)

2) Covered Lines – as described by NAIC Model.

3) Maximum Benefits – 75% matched or exceeded the $300K in max benefits.

4) Workers Compensation – about 93% adopted approach of no limits.

5) Unearned Premium – 82% adopted cvg => that of NAIC Model.

6) Covered Insurers – according to NAIC Model.

7) Non-Economic Losses (48 Jurisdictions) – 92% cover these losses.

8) UDS – this NAIC data transmission format between associations and receivers was adopted by every state.

But Was It a Good Test? – yes


Marshall/Neal, “Troubled Waters in Mississippi, The Homeowners Market and the Attorney General Lawsuit,” CPCU eJournal Nov 2006 – SKN (note – not responsible for quantitative data in Introduction, Mississippi Damage, Analysis of MI HO Insurance Market sections.)


Mississippi Damage

The State of Mississippi versus Mississippi Farm Bureau Insurance et al.

Analysis of the Issues from an Insurance Perspective

HO 3 – Special Form

Wind Coverage under the HO 3

Limited Water Damage Coverage under the HO 3

Water Damage and Concurrent Cause Exclusions

Other Concurrent Cause Exclusions

Efficient Proximate Cause

Flood Insurance Policy

Analysis of the Issues from a Legal Perspective

Analysis of the Mississippi Homeowners Insurance Market

The Primary Market

The Residual Market

Homeowners Availability

Homeowners Affordability

Impact of the Attorney General Lawsuit on the Mississippi Insurance Industry

Impact on Homeowners Rates

Impact on the National Flood Insurance Program

Insolvency Risk

Abrogation of the Insurance Contract

State Regulatory Authority Compromised

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