BUSINESS: In FLORIDA, Gov. Scott signs HB 383, which adds the Sunshine State to those that have adopted the Interstate Insurance Product Regulation Compact, which serves as a central point of electronic filing for insurance products like life insurance, annuities, disability income and long-term care insurance (FLORIDA GOVERNOR'S OFFICE, INTERSTATE INSURANCE PRODUCT REGULATION COMMISSION). • In MISSOURI, Gov. Nixon signs HB 133, which allows insurers to purchase reinsurance policies from global companies that meet reasonable criteria even if they do not have 100 percent collateral requirements. It goes into effect July 1, 2014 (MISSOURI GOVERNOR'S OFFICE).
- Compiled by RICH EHISEN
NYC MAYOR PITCHES SWEEPING STORM PROTECTION PLAN: Last week, less than a year after Hurricane Sandy hit the eastern seaboard and with only 203 days left in his final term, New York City Mayor Michael Bloomberg unveiled a sweeping plan to protect the city from future storms. The plan, laid out in a 438-page report, included 250 recommendations, such as fortifying the city's power grid, renovating buildings to make them more hurricane resistant and erecting flood barriers around the city, including a system of permanent levies on Staten Island.
The plan would cost about $20 billion over ten years - to start. The cost of some of the plan's more ambitious proposals, like the construction of a so-called Seaport City south of the Brooklyn Bridge in Manhattan, modeled after Battery Park City, aren't included in that estimate.
"This plan is incredibly ambitious - and much of the work will extend far beyond the next 203 days - but we refused to pass the responsibility for creating a plan onto the next administration," Bloomberg said in a speech at the Brooklyn Navy Yard. "This is urgent work, and it must begin now."
The administration said roughly half the initial $20 billion required would come from federal and city money allocated in the aftermath of Sandy. Another $5 billion in aid had already been approved by Congress, leaving $5 billion for the city to raise.
Bloomberg acknowledged the price tag for the plan was high, but he said the cost of not taking action would be far higher. Sandy cost the city $19 billion in damage and loss of economic activity, he said, but a similar storm three decades from now would cost $90 billion.
"This is a defining challenge of our future," he said.
The plan was generally praised by business and environmental groups. But with officials having projected that over 800,000 city residents would live in 100-year flood zones by the 2050s, more than double the number currently at such risk, some experts questioned whether more consideration needed to be given to evacuating some areas of the city.
"I think that the mayor's plan is great," said Robert S. Young, director of the Program for the Study of Developed Shorelines at Western Carolina University. "I really appreciate the fact that he acknowledges the problem and understands climate change and the fact that we need to prepare for it. But everyone needs to understand that you can't guarantee protection for infrastructure that is in vulnerable locations, no matter how much money you throw at the problem." (NEW YORK TIMES)
- Compiled by KOREY CLARK
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