Florida Property Insurance Deregulation Bill Expected to Be Re-Filed in 2010
Dec 7, 2009
In an advisory issued today, December 7, 2009, State Representative Bill Proctor (R-St. Augustine) and Senator Mike Bennett (R-Bradenton) announced that they have scheduled a media conference tomorrow, December 8, regarding “Florida property insurance issues.”
As published in the Sun-Sentinel House Keys blog today, the two legislators are expected to re-file the property insurance deregulation bill they co-sponsored earlier this year.
The bill is not expected to be addressed during the current Special Session, but it is anticipated that any future legislation would allow all insurers the option of offering a rate-deregulated insurance policy.
The House Keys blog is reprinted below.
Should you have any questions or comments, please contact Colodny Fass.
Lawmakers to revive property insurance deregulation
by Julie Patel, Sun-Sentinel
December 7, 2009
Florida lawmakers will make a major announcement Tuesday about Florida’s property insurance market. Rep. Bill Proctor, R-St. Augustine, and Sen. Mike Bennett, R-Bradenton, are expected to resurrect the property deregulation insurance bill they sponsored last year. The bill, passed by the House and Senate but vetoed by Gov. Charlie Crist, would have allowed large insurers to essentially charge what they want rather than be subject to traditional rate regulation. Lawmakers said the bill could help draw national insurers like State Farm, which is announced plans to leave Florida’s property insurance market in January. Regulators are negotiating with the insurer to keep it in Florida in a smaller form.
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