During their convention, which ended on August 28, 2008, the Democratic National Committee presented a platform that includes the endorsement of a National Catastrophe Fund. The platform specifically calls for “a National Catastrophic Insurance Fund to offer an affordable insurance mechanism for high-risk catastrophes that no single private insurer can cover by itself for fear of bankruptcy.” The establishment of National Catastrophe Fund, the party says, would “allow states to deal comprehensively with the economic dislocation of natural disasters.” The 2008 platform was approved by acclamation at the convention and marks the first time that a major U.S. political party has endorsed creation of a National Catastrophe Fund.
The U.S. House of Representatives passed H.R. 3355 last year, the Homeowners Defense Act, which would create a system of Treasury loans and reinsurance for state catastrophe funds and residual markets, but the idea failed to gain support in the Senate.
As reported here, the Republican ticket thus far has opposed the creation of a National Catastrophe Fund.
A link to the Democratic National Committee platform is here.
