Miami-Dade Legislative Item
File Number: 070357
Printable PDF Format Download Adobe Reader  Clerk's Official Copy   

File Number: 070357 File Type: Resolution Status: Adopted
Version: 0 Reference: R-183-07 Control: County Commission
File Name: ADDRESS NATIONAL CATASTROPHE INSURANCE CAT FUND Introduced: 2/2/2007
Requester: NONE Cost: Final Action: 2/20/2007
Agenda Date: 2/20/2007 Agenda Item Number: 11A4
Notes: Title: RESOLUTION URGING THE U.S. CONGRESS TO PASS LEGISLATION ADDRESSING NATIONAL CATASTROPHE INSURANCE BY ESTABLISHING A FEDERAL REINSURANCE CATASTROPHIC FUND (CAT FUND)
Indexes:
  CATASTROPHIC FUND
  INSURANCE
Sponsors: Joe A. Martinez, Prime Sponsor
  Jose "Pepe" Diaz, Co-Sponsor
  Carlos A. Gimenez, Co-Sponsor
  Katy Sorenson, Co-Sponsor
  Rebeca Sosa, Co-Sponsor
  Sally A. Heyman, Co-Sponsor
  Barbara J. Jordan, Co-Sponsor
  Dennis C. Moss, Co-Sponsor
  Sen. Javier D. Souto, Co-Sponsor
  Audrey M. Edmonson, Co-Sponsor
  Bruno A. Barreiro, Co-Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 2/20/2007 11A4 Adopted P

County Manager 2/14/2007 Additions 2/20/2007

Budget and Finance Committee 2/13/2007 2B Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Attorney Benitez read the foregoing resolution into the record. Commissioners Gimenez, Diaz, Sorenson, and Sosa asked that they be listed as co-sponsors. Hearing no other questions or comments, the Committee proceeded to vote.

County Attorney 2/5/2007 Assigned Budget and Finance Committee 2/13/2007

County Attorney 2/5/2007 Assigned Jess M. McCarty

Legislative Text


..r
RESOLUTION URGING THE U.S. CONGRESS TO PASS LEGISLATION ADDRESSING NATIONAL CATASTROPHE INSURANCE BY ESTABLISHING A FEDERAL REINSURANCE CATASTROPHIC FUND (CAT FUND)

BODY
WHEREAS, the 2004 and 2005 hurricane seasons are startling reminders of both the human and economic devastation that hurricanes, flooding, and other natural disasters can cause; and
WHEREAS, if a Category 5 hurricane were to hit Miami it could cause over $50 billion in estimated losses and devastate the insurance industry in the United States; and
WHEREAS, if a hurricane similar to the deadly 1900 Galveston hurricane occurred again it could cause over $36 billion in estimated losses; and
WHEREAS, if a hurricane similar to the 1938 hurricane known as the “Long Island Express” were to occur again it could cause over $30 billion in damage, and if a hurricane that strong were to directly hit Manhattan it could cause over $150 billion in damage and cause irreparable harm to our Nation's economy; and
WHEREAS, catastrophic events are not limited to particular states or regions, or even to hurricanes; and
WHEREAS, there are few areas of the U.S. that are not susceptible to some form of catastrophe; and,
WHEREAS, if the 1904 San Francisco earthquake occurred again it could cause over $400 billion in estimated losses; and
WHEREAS, a more comprehensive and national approach to dealing with catastrophes is needed; and
WHEREAS, as residents of Miami-Dade County can attest, natural catastrophes raise costs for consumers, place a tremendous strain on homeowners’ insurance markets, and potentially jeopardize the ability of many consumers to adequately insure their homes and possessions; and
WHEREAS, establishing a federal reinsurance catastrophic fund (CAT Fund) as a federal backstop for future natural disasters would improve the effectiveness of State insurance programs and private insurance markets and would increase the likelihood that homeowners’ insurance claims will be fully paid in the event of a large natural catastrophe and that routine claims that occur after a mega-catastrophe will also continue to be paid; and
WHEREAS, a federal reinsurance CAT Fund will provide increased protection at an overall lower cost than creating a national catastrophic insurance program and will promote stability in the homeowners’ insurance market,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board:
Section 1. Urges the United States Congress to pass legislation addressing national catastrophe insurance that benefits Florida citizens and does not replace the insurance industry with a federal program, but instead works with private insurers to guarantee sensible, affordable policies for those who live in the most vulnerable zones by establishing a federal reinsurance catastrophic fund (CAT Fund) as a federal backstop for future natural disasters.
Section 2. Directs the Clerk of the Board to transmit a certified copy of this resolution to the members of the Miami-Dade County Congressional Delegation.
Section 3. Directs the County's federal lobbyists to advocate for the passage of the legislation set forth in Section 1 above, and directs the Office of Intergovernmental Affairs to include this item in the 2007 Federal Legislative Package.



Home  |   Agendas  |   Minutes  |   Legislative Search  |   Lobbyist Registration  |   Legislative Reports
2014 BCC Meeting Calendar  |   Miami-Dade County Code of Ordinances   |   ADA Notice  |  

Home  |  Using Our Site  |  About Phone Directory  |  Privacy  |  Disclaimer

E-mail your comments, questions and suggestions to Webmaster  

Web Site © 2014 Miami-Dade County.
All rights reserved.