Responding to a request for action from the Mississippi congressional delegation, the House Financial Services Committee said last week it will look into the "failure of the insurance system" to deal appropriately with claims from Hurricanes Katrina and Rita.
The "request for action" likely means hearings, probably in March, by the panel's Oversight Subcommittee. Insurance industry trade groups responded by saying the action was not unexpected and that the industry will cooperate.
The disclosure was made in a statement by Reps. Barney Frank, D-Mass., chair of the committee, and Mel Watt, who chairs the Oversight Subcommittee.
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