In light of the massive devastation caused by Hurricane Katrina and the expected destruction from Hurricane Rita, the American Insurance Association (AIA) found recent letters sent to state insurance commissioners by the Center for Economic Justice, the Consumer Federation of America and Consumers Union regarding the protection of homeowners from insurers inappropriate and unnecessary.
“Our number one priority, especially after catastrophic events like Hurricane Katrina, is taking care of our policyholders and helping them rebuild their lives,” said David Snyder, AIA vice president and assistant general counsel. “It is in the best interests of consumers for insurers to be focused on getting their job done quickly and fairly, and not to be sidetracked by excessive mandates, red tape, and politics.”
Snyder continued, “Fortunately, strong consumer protections are already in place at both the state and federal levels to deal with issues such as insurers’ use of credit information. Insurers will continue to serve their policyholders on this and other issues that arise from these unprecedented catastrophes. Any further regulatory and administrative burden on insurers will only distract from the important claims processing that insurers are undertaking for hundreds of thousands of policyholders throughout the Gulf Coast region.”
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