my experience with Federal regulators in the insurance business--I don't know, Mr. Schwarcz, if you have ever heard of TRG, but it is a health insurance company that wrote insurance policies in 48 States, darn near every State but their own, which was in Indiana.
Posey shares a personal experience highlighting failures of federal insurance regulation.
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When I was first elected 14 years ago, they said that to properly evaluate risk, they needed new maps, which would cost $500 million, and then, it would take 3 to 5 years to evaluate the maps.
Thank you very much, Chairwoman Waters, for holding this hearing, and for holding the many hearings that you have held in seeking solutions to the unaffordable housing crisis.
What are the reasons to have the Federal Government selling flood insurance instead of merely turning its business over to the private sector?
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