Information from the Office of Insurance Regulation re Florida’s Insurance Commissioner Testifies to Congress on Need for National CAT Fund 6/29/06

Please see the following press release issued by the Florida Office of Insurance Regulation regarding Insurance Commissioner McCarty’s testimony before Congress about the need for a national plan to respond to catastrophic events.

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

Regards,

Fred Karlinsky

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FLORIDA�S INSURANCE COMMISSIONER TESTIFIES TO CONGRESS ON NEED FOR NATIONAL CATASTROPHE PLAN

TALLAHASSEE (June 28, 2006) � Florida�s Insurance Commissioner Kevin McCarty today testified to a congressional committee in Washington on the need for a national plan to respond to catastrophic events. McCarty, who testified on behalf of the National Association of Insurance Commissioners (NAIC), has been a vocal proponent of such a plan both as the state insurance commissioner and as chairman of both the NAIC�s Catastrophe Insurance Working Group and the Property and Casualty Insurance Committee.

Testifying before the House Committee on Financial Service�s Subcommittee on Housing and Community Opportunity, McCarty said, “I do not think we can truly prepare the housing market for a mega-catastrophe without a comprehensive national strategy. Insurance is only one of the critical components needed to truly provide a level of economic security in the face of catastrophic natural disasters for all Americans.”

McCarty�s testimony: Is America�s Housing Market Prepared for the Next Natural Disaster? is available at http://www.floir.com/pdf/McCartyCATTestimony.pdf.