Bill Filed Extending Citizens Rate Freeze
Jan 22, 2009
On January 22, 2009, State Senator Mike Fasano (R-New Port Richey) filed Senate Bill 862, which would extend the Citizens Property Insurance Corporation (“Citizens”) rate freeze currently in place for one year until January 1, 2011. The bill also would extend the date by which Citizens must make an actuarially-sound rate filing by one year to July 2010.
The rate freeze, which has been in effect since the 2007 Special Legislative Session, returned Citizens rates to their 2006 levels and currently is set to expire by January 1, 2010. Therefore, Citizens is required to make an actuarially-sound rate filing in July 2009.
SB 862’s effective date is July 1, 2009. To view the bill’s text, click here.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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