Abstract
This chapter examines important regulatory institutions and policies, the advantages and disadvantages of different regulatory policies, the responses of regulators to market developments, and how they may act in the future. It first outlines the government framework that governs property insurance markets, including insurance regulation, before turning to market and financial regulation and their impact on property insurance markets subject to catastrophe risk. It then compares market conditions and regulatory policies in four states: Texas, Florida, New York, and South Carolina. The chapter also considers the wind-versus-water controversy and related litigation and concludes with a discussion of the administration of residual market facilities and other government insurance and reinsurance mechanisms in the four states.
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