WASHINGTON--State regulators seeking ways to resolve insurance claims and rates issues raised after Hurricane Katrina are considering a number of options that would bring catastrophe prone states together.
South Carolina Director of Insurance Scott Richardson said that much of the problem facing the insurance industry after Katrina in 2005 can be blamed on unreliable flood maps that had thousands of property owners believing they were in no danger from floods.
Speaking at a hearing of the National Association of insurance Commissioners' Property and Casualty Insurance (C) Committee Catastrophe Insurance (C) Working Group, Mr. Richardson said, "I don't think there's any question in my mind that the flood maps are inaccurate."
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