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Draft legislation indicates the scheme would be voluntary for carriers.
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South Carolina is the seventh state to mull legislation to make insurers to pay retrospectively BI claims resulting from Covid-19.
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The Brit subsidiary becomes the seventh specialist ILS member of the industry group. -
The bill is similar to legislation that was proposed in New Jersey earlier this month and then pulled out of consideration.
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A Blenheim director described the move as a principal steppingstone.
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The backstop is just one of many ideas being floated, as governments and insurers look to improve preparedness.
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The Hong Kong government is accelerating introduction of its ILS regime to boost its financial services industry.
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The California governor had opposed the package as he was concerned the company was taking on too much debt.
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Damaging wildfires in recent years have made it more challenging for homeowners to find affordable insurance.
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Willis Towers Watson has tipped that greater focus will be drawn to ILS domiciles and structures in 2020 amid an “unusual amount of innovation” from existing and emerging jurisdictions.
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Hong Kong announced its intention to enter the ILS space last year, indicating it would allow SPVs to be set up in the territory.
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The Limited Purpose Insurer framework was set up earlier this year.
