New York insurers should not be able to boost profits by tapping reserves created for hurricanes, and instead should put the cash into a new fund for natural disaster claims, the state superintendent said on Thursday. Noting that there are many proposals recommending that the government "take over or subsidize" hurricane coverage, the way it does with flood insurance, Superintendent Eric Dinallo said in a statement he believed the private sector should solve the problem. New York is home to many large insurers, giving its regulator extra clout.
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