WASHINGTON–The insurance industry's handling of Hurricane Katrina damage claims is due to come under federal lawmakers' microscope Wednesday at a hearing by the Oversight Panel of the House Financial Services Committee.
The session, which will be the first under the chairmanship of Rep. Mel Watt, D-N.C., is expected to include testimony from Rep. Gene Taylor, D-Miss., and Mississippi Attorney General Jim Hood, both of whom have voiced criticism of the industry's handling of claims in the most vehement terms.
Mr. Hood at one point convened a state grand jury to look into the claims-handling activities of State Farm. He dropped the investigation when State Farm proposed a class action Katrina damage settlement for homeowners in three coastal counties of Mississippi.
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