Insurers Screw Consumers: Democratic Congress Fights to Protect Us

J. SCOTT APPLEWHITE/THE ASSOCIATED PRESS
Rep. Gene Taylor, D-Miss., listens to opening remarks on Capitol Hill in Washington on Tuesday during a hearing of the House Housing and Community Opportunity subcommittee, as they consider the Multiple Peril Insurance Act of 2007. Sun Herald

"Greed is the main disconnect in this situation," said Taylor, D-Miss. "It's easy for them to walk around in their Gucci suits and defend their companies, but the reality is down there on the Gulf Coast, where all of the destroyed homes and property of my constituents are. Of course, these companies don't want to change the rules that are currently in their favor.

"People who played by the rules and expected insurance companies to play by the same rules got screwed," said Taylor, whose bill would create financially sound premium levels to make the NFIP self-supporting.

Taylor, insurers lock horns over bill
Sun Herald
July 18, 2007

Toward the end of the subcommittee hearing on the Multiple Peril Insurance Act that Congress held the other day, the chairwoman of the committee, Congresswoman Maxine Waters, D-Calif, “chastised the insurance industry representatives for criticizing Taylor's plan without offering a solution to reform the NFIP to add wind damage protection.”

As mentioned in yesterday’s piece, Democrats Shame, Skewer Insurance Shills, the corporate shills all sang from the same song sheet. Their tune? “All we are saying, is keep things the same” with this thrown in for variety’s sake “All we are saying is keep our profits the same.” Read the commentary at A.M. in the Morning!