OIR Chief Economist Ray Spudeck to Speak July 2nd at U.S. House Committee Hearing in West Palm Beach

Ray Spudeck, Chief Economist for the Florida Office of Insurance Regulation (“OIR”), will address the U.S. House of Representatives Financial Services Subcommittee on Oversight and Investigations at a special field hearing on Thursday, July 2, 2009, in West Palm Beach.

At the hearing, entitled “The Homeowner’s Insurance Crisis:  Solutions for Homeowners, Communities, and Taxpayers,” Dr. Spudeck will testify on behalf of the OIR regarding the following issues:

• The current system for catastrophic natural disaster;
• Experience from the Florida market;
• Various approaches to managing disaster risk and insurance;
• Federal support of disasters and disaster insurance;
• Improving disaster preparedness and disaster response;
• Building better homes; and
• Consideration of a federal backstop for catastrophic risk.

A copy of Dr. Spudeck’s testimony is available for your review here, and it will be posted Thursday on the OIR Website.

U.S. Representative Ron Klein of Florida is also scheduled to testify at the hearing.  Representative Klein introduced federal legislation last month known as the Homeowners’ Defense Act of 2009 (H.R. 2555), which would allow Florida and other states that choose to participate in a national catastrophe insurance pool in order to lower insurance costs for everyone.  To read more about the Homeowners’ Defense Act, click here.

The list of additional scheduled witnesses includes:

• Ivan Itkin, former Pennsylvania Congressman
• Cynthia Shelton, President, Florida Association of Realtors
• Joe Grillo, Sr., Senior Vice President, Weekes and Callaway
• Robert Detlefsen, Vice President of Public Policy, National Association of Mutual Insurance Companies
• Colleen Repetto, Executive Director, Fair Insurance Rates in Monroe
• Steven Geller, former Florida State Senator, District 31, and former President, National Conference of Insurance Legislators
• Admiral James M. Loy (Ret.), former Commandant of the U.S. Coast Guard and former Deputy Secretary of the U.S. Department of Homeland Security
• Vicki Williams, Outreach Coordinator, My Safe Florida Home

To read more about the hearing or to view a live Webcast of the hearing on Thursday, click here.

The hearing will be 10:00 a.m.-Noon at the City Center, 401 Clematis Street, West Palm Beach.  If you wish to attend, please RSVP at 561-544-6910.

Should you have any questions or comments, please contact Colodny Fass.

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