WRMA rebukes NAIC white paper

Awards 2004

In its response to the NAIC draft white paper, the WRMA affirmed its stance that weather derivatives are not insurance products. The WRMA argues that when weather derivatives are fully analysed under insurance law, they cannot be classified as an insurance product. “In fact, two fundamental differences exist between insurance products and weather derivatives. First, there is no need for a proof of loss with weather derivatives; they are simply index-based products. Second, in many cases there is

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