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Martin O'Malley, Governor Ch. 486
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(6) the development and evolution of storm modeling and its use by
the insurance industry in the assessment of potential losses from significant storms
and the need for a regulatory framework in the use of storm modeling;
(7) potential structural protections for properties in coastal areas that
would result in the mitigation of storm damage in coastal areas and the extent to
which such mitigation has had a beneficial impact on the availability and affordability
of property insurance in other states:
(8) the ability of the State to influence patterns of real estate
development in coastal areas in a manner that minimizes future exposure of the State
and Maryland residents to severe storm damage to property:
(9) the effectiveness, cost, and long-term viability of alternative
market mechanisms, such as limited coverage products, wind pools, the expansion of
residual market mechanisms, and catastrophe funds that have been implemented or
are being considered in other states or by the federal government;
(10) initiatives adopted in other states to increase availability and
affordability of property insurance in coastal areas: and
(11) any other matter the Maryland Insurance Commissioner deems
relevant to the availability and affordability of homeowner's insurance in coastal areas
of the State.
(h) On or before December 31, 2007, the Task Force shall report on its
findings and recommendations to the Governor and, in accordance with § 2-1246 of
the State Government Article, the Senate Finance Committee and the House
Economic Matters Committee.
SECTION 2. AND BE IT FURTHER ENACTED. That this Act shall take effect
June 1, 2007. It shall remain effective for a period of 1 year and, at the end of May 31,
2008, with no further action required by the General Assembly, this Act shall be
abrogated and of no further force and effect.
Approved by the Governor, May 8, 2007.
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- 2807 -
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