Florida Insurance Commissioner To Address U.S. House Subcommittee at Insurance Hearing

Florida Insurance Commissioner Kevin McCarty will address the United States House of Representatives Financial Services Subcommittee (“Subcommittee”) on Oversight and Investigations at a special field hearing about the Florida homeowners’ insurance crisis and its impact on communities, homeowners and the economy.

Commissioner McCarty will speak to the House subcommittee and offer comments on the cost of natural disasters, the impact on local and regional communities, and mechanisms the private sector, state and federal governments have undertaken to address this problem.

The Subcommittee press release is reprinted below.

A member of this firm will attend the hearing and provide a report on the proceedings.

Should you have any questions or comments, please do not hesitate to contact this office.

 

  
U.S. House Oversight and Investigations Subcommittee to Hold Florida Field Hearing on Homeowners Insurance in Disaster Prone Areas

“The Homeowners’ Insurance Crisis and its Impact on Communities, Homeowners and the Economy“
  
Monday, February 11, 2008, 1:00 p.m.,
Palm Beach County Commission Chambers
301 North Olive Avenue, West Palm Beach, Florida      

WASHINGTON, DC— U.S. Representative Melvin L. Watt (D-NC), Chairman of the Subcommittee on Oversight and Investigations, today announced that the Subcommittee will hold a field hearing in West Palm Beach, Florida about the crisis related to availability and affordability of homeowners’ insurance in Florida and other disaster-prone areas.  This hearing will examine insurance industry coverage of catastrophic natural disasters, the withdrawal of insurance companies from offering policies in coastal areas, rising homeowners’ insurance premiums and the resulting economic impact on state and local governments, and possible solutions to the homeowners’ insurance crisis.

Congressman Watt said, “I look forward to hearing from Florida residents, industry representatives and elected officials about how the insurance industry has responded to natural disasters and about how the response can be improved.”

“This past November the House of Representatives made history by passing for the first time the Homeowners’ Defense Act, which aims to temper the storm of rising insurance rates and policy cancellations,” Congressman Ron Klein (D-FL) stated.  “But the fight does not end there.  While the states must continue to address the insurance crisis on the local level, we will continue to work with Congress and the President until this bill is signed into law.”

“The President has threatened to veto our bill, suggesting that somehow the people of Florida are responsible for the homeowner’s insurance crisis gripping Florida and our nation,” said Congressman Tim Mahoney (D-FL). “I believe that the testimony from the experts and homeowners will clearly show that the private markets have failed and it is the responsibility of Congress to step in and preserve the dream of home ownership for sixty-five percent of homeowners in this nation who are coping with skyrocketing premiums.”

 

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