There are so many investigations being launched into how insurers handled Hurricane Katrina losses that you wonder whether the inspectors will bump into one another as they poke around insurer claim files.
First, Sen. Trent Lott, R-Miss.–who is suing State Farm over his own Katrina claim–slipped a provision into a funding bill ordering the U.S. Department of Homeland Security to look into hurricane claims-handling and report back to Congress by April 1.
But that's not fast enough for another member of Congress with an axe to grind–Rep. Gene Taylor, D-Miss., who is also suing State Farm. Rep. Taylor sent a letter to the House Financial Services Committee, asking for an immediate probe into the industry's performance in Hurricanes Katrina and Rita, and Rep. Barny Frank, D-Mass., who chairs the panel, has given his request the green light.
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