BILOXI, Miss._One of the nation's largest insurers has unveiled a plan to shift the authority for regulating rates for hurricane wind coverage from state regulators to an independent federal commission.

Mississippi Gov. Haley Barbour and four state insurance commissioners heard a top Travelers Companies Inc. executive present the company's plan Friday at an insurance forum in Biloxi.

Travelers president Brian MacLean said federal oversight of homeowner rates in four U.S. coastal zones would create a more stable market for insurers and homeowners than state-by-state regulation.

Louisiana Insurance Commissioner Jim Donelon said the plan would have to be overhauled before he could support it. Donelon said he is open to federal intervention to help make coastal insurance more affordable and available but can't support federal deregulation of the industry.