WASHINGTON–Reacting to news that the oversight panel of the House Financial Services Committee plans a Feb. 28 hearing to probe insurance industry handling of Hurricane Katrina claims, one industry group official said the industry "welcomed" the investigation.
The timing of the hearing–which had been foreshadowed by a statement from the committee in early January–was announced by Rep. Mel Watt, D-N.C., chairman of the panel's Subcommittee on Oversight and Investigations.
Joseph Annotti, senior vice president, public affairs, for the Property Casualty Insurers Association of America, responded to the announcement by saying, "PCI welcomes the opportunity to demonstrate how thousands of insurance industry professionals responded to the unprecedented scope of the damage resulting from Hurricanes Katrina, Rita and Wilma in 2005."
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