Miss. Insurance Commissioner Working on Lowering Wind Pool Rates

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Mississippi’s new Insurance Commissioner Mike Chaney says he is working with lawmakers and state wind pool officials to lower rates that increased 90 percent for homeowners and 162 percent for businesses after Hurricane Katrina.

The wind pool is the insurer of last resort for those who need wind insurance in high-risk areas where no private insurer will provide coverage.

Chaney, a Vicksburg businessman who was sworn into office on Jan. 3, told the Sun Herald newspaper that it is too early to discuss details. He said he has met with lawmakers from the coast and talked to others.

Chaney said he wants to stabilize the property and casualty market so insurance is available and affordable. He said improvements to the wind pool program will help in that goal.

Chaney, a Republican who defeated Democrat Gary Anderson in the November election, said he will open an office in Gulfport to help people with questions or complaints about insurance.

Chaney said he is supporting congressional efforts to pass a multiple-peril insurance bill, which would add wind coverage to the federal flood insurance program, but would require rates be set at levels appropriate for the risks insured.

Information from: The Sun Herald, http://www.sunherald.com