Should states have hurricane insurance fund?

In the New York Times, I just read that New York has proposed that insurance companies set aside some of their profits to a Hurricane Fund. The insurance committee of New York thinks this may a good idea and other coastal states might want do the same thing. They also said that if a disaster does strike, that the insurers wouldn't have an excuse to raise rates. However, not all insurers think this is such a great plan, but some insurers think it may be good idea. Honestly, I'm not quite so sure about this plan. Giving the state a percentage of profits that the insurers make, could make the rates go up. Insurers may complain and say they aren't making as much money, and try to raise their homeowners rates. There are two sides to everything. So before other states decide to do the same thing, I think maybe they should see if it affects the rates of New York, if it passes.