It's not my state, but in this case, the politics are as much populist as corporatist, aren't they?

As viable, sound insurance is made unaffordable and inaccessible by radical increases in both costs and risks, jeopardizing the ability to buy or sell insured property at all, you can kick the can down the road and protect your next candidacy by quietly easing up on "sound". The catastrophic consequences won't come until later, but the underlying market gets to keep floating and stay liquid in the meantime. Whether it's in their long-term interests or not, voters want that, don't they?