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The State of Washington’s Insurance Commissioner’s proposal regarding a state-run, flood insurance program would probably hurt the insurance market and policy holders throughout the state, the Property Casualty Insurers Association of American said in a response.

He said flood insurance is the current troubled market. Businesses and residents in the Green River Valley, in southern King County, are finding it hard to get adequate coverage. There are concerns about a potentially weak dam, so individuals working and residing below the dam are worried that insurance is not available and may not cover them if/when they have the flood.

The Commissioner’s proposal comes too soon and goes too far, said the Association’s Assistant Vice President Kenton Brine, in a statement.

“We believe if the Commissioner were to examine the existing market for business flood protection, he would find that insurers are serving the market today,” Brine said. “The insurance marketplace is competitive and capable of meeting the needs of consumers. But passing a law granting broad new powers to the Commissioner to create state-run JUAs that would compete – tax-free – with private carriers could severely harm or destroy an existing, competitive insurance environment, and raise costs for consumers across many lines of insurance.



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