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WRMA says weather derivatives are not insurance.(News)(Weather Risk Management Association )
WASHINGTON, DC -- The Weather Risk Management Association (WRMA) issued a formal response to a draft white paper written by the National Association of Insurance Commissioners (NAIC), which asserts among other things that weather derivatives are disguised insurance products and should therefore be regulated as insurance products
WRMA's view, which it says is shared and supported by state regulators, holds that when weather derivatives are fully analyzed under insurance law, they cannot be classified as an insurance product. 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 no need for an upfront payment to execute coverage; in some cases it is possible that no money will change hands.
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