The House Financial Services Committee will look into allegations of an apparent “failure of the insurance system” to deal appropriately with claims arising from Hurricanes Katrina and Rita.
Reps. Barney Frank, D-Mass., chairman of the panel, and Mel Watt, chairman of its Oversight Subcommittee, late yesterday announced the panel's plan for an inquiry.
The comments were prompted by a call for a thorough investigation of the industry's handling of Gulf Coast storm claims by Rep. Gene Taylor, D-Miss., in a letter to Rep. Frank dated Jan. 5.
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