Florida Insurance Consumer Advocate Robin Westcott Urges Florida Hurricane Catastrophe Fund Bill Sponsors To Use Caution
Jan 27, 2012
In a letter to Florida Senators J.D. Alexander and Bill Hager yesterday, January 26, 2012, Florida Insurance Consumer Advocate Robin Westcott reminded that the October 2011 estimate of a $3.2 billion Florida Hurricane Catastrophe Fund (“FHCF”) shortfall in bonding capacity did not include certain factors in its financial assessment.
Senators Alexander and Hager are sponsors of SB 1372 and HB 833–identical bills relating to the FHCF.
In order to limit anticipated financial impact on insurance companies and their policyholders should FHCF-related legislation ultimately be enacted, Ms. Westcott urged the lawmakers to use caution in crafting public policy to strengthen the FHCF.
Ms. Westcott’s letter is attached for review.
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