[StBernard] FSC Website Update- Schedule Update

[Westley Annis]

Tuesday, June 12, 2007

2:30 p.m., 2128 Rayburn House Office Building Joint Subcommittee Hearing:
"National Flood Insurance Program:  Issues Exposed by the 2005 Hurricanes."

 

Financial Services and Homeland Security Oversight Subcommittees Announce
Joint Hearing to Examine Insurance Issues Exposed by the 2005 Hurricanes

 

 

Washington, D.C.- U.S. Representatives Melvin L. Watt (D-NC), Chairman of
the Financial Services Subcommittee on Oversight and Investigations, and
Christopher P. Carney (D-PA), Chairman of the Homeland Security Subcommittee
on Management, Investigations and Oversight, today announced a hearing to
explore public and private sector insurance practices in the wake of the
2005 Hurricanes on Tuesday, June 12, 2007 at 2:30pm.  The subcommittees will
specifically examine the National Flood Insurance Program (NFIP), the
interaction between the NFIP and private insurers and the allocation of wind
vs. water insurance claims in light of preliminary findings from Government
Accountability Office and Department of Homeland Security, Inspector General
reports.  

 

"It is clear that the 2005 hurricanes (Katrina and Rita) exposed serious
flaws in the insurance coverage and claims adjustment processes.  This
second hearing will continue responsible efforts by Congress to get the
facts we need to insure that those flaws are corrected and that victims of
future catastrophes are better protected," said Congressman Watt.

 

Congressman Carney said, "Congress must ensure that every flood victim
receives prompt and fair reimbursement for storm damage to their home.
While the National Flood Insurance Program needs to be responsive when
assessing damage and paying out claims to flood victims, it must also
conduct better oversight to ensure that it's not being abused by its private
insurance partners."

 

Congressman Bennie G. Thompson (D-MS), Chairman of the full Committee on
Homeland Security, applauded the hearing and released the following
statement: "Disaster insurance programs are supposed to care and comfort our
families in the most desperate of times, but it seems as though many have
been manipulated to provide opportunists the chance to make larger profits.
In times of crisis, we have seen too many vulnerable communities tied up in
bureaucratic red tape.  It is essential that our nation's disaster insurance
programs be designed, administered, and overseen with the utmost of care and
transparency."

 

Congressman Gene Taylor said, "I am very grateful to Mel Watt and Chris
Carney for continuing the investigation of insurance practices following
Hurricane Katrina. NFIP allows insurance companies to handle flood insurance
claims backed by the federal government. Members of Congress, Gulf Coast
homeowners, and federal taxpayers need to know whether insurers honored
their contractual obligation to provide fair adjustments of wind and water
claims."  

 

"The insurance crisis was like a third storm hitting the victims of Katrina
and Rita along the Gulf Coast," said Rep. Charlie Melancon.  "Almost two
years after the 2005 hurricanes, tens of thousands of people are still
struggling to get the payments they need to rebuild their homes and move
forward with their lives.  I thank Chairman Watt and Chairman Carney using
their subcommittees to focus the attention of Congress on this issue and I
hope we can work together to develop some solutions to the insurance problem
in coastal communities.  The people of south Louisiana and the rest of the
Gulf Coast have already waited too long, and we have a duty to help them."

 

 

 

http://financialservices.house.gov/