The industry took some devastating blows during a recent Congressional hearing on Hurricane Katrina claims. I know, because I was on Capitol Hill to witness the public flogging first hand.
The most bizarre part was Rep. Gene Taylor serving as both witness and prosecutor! The Mississippi Democrat testified, then joined the panel to question other speakers! While this is apparently common practice, it's a scene right out of a Kafka novel or Marx Brothers movie.
It was also unfair that State Farm–the hearing's prime target–apparently wasn't invited to testify. Thus, charges against the carrier went unchallenged as Rep. Taylor and his state attorney general, Jim Hood, presented documents allegedly proving State Farm blew off legitimate wind claims and dumped them on the federal flood program.
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