My Left Nutmeg is relaying a Dodd press release worth noting:
Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced today in New Orleans that he will hold a hearing on the impact that Katrina and other natural catastrophes have had on the availability and affordability of insurance for families and businesses in the Gulf Coast and other coastal regions across the country. Chairman Dodd will examine the current practices of the insurance industry, specifically the claims processed post-Katrina and the industry’s ability to insure customers from future natural disasters.
You know, back when the GOP was abusing control of Congress, federal regulation of insurance didn’t seem like such a scary thing to those of us inside the industry. Now, however, I’m wondering if Dodd and others remember that insurers have investors that need to be satisfied, as well as a fiduciary obligation to be able to continue to provide coverage even after the mother of all disasters occurs.