FPCA Homeowners Division: Comments Requested by Governor’s Office
Mar 8, 2011
FPCA Homeowners Division Members:
The Governor’s office has requested specific feedback on the omnibus property insurance bill and the Citizens bill. We would like to furnish them with redlined versions of both bills showing specifically what changes the FPCA believes are necessary by this Friday, March 11. Please respond via email to kwebb@cftlaw.com with specific amendment proposals to the content of each bill. Copies of the bills are attached for your reference. The Governor’s office has requested that comments regarding the sinkhole “tail” issue be provided in a separate document so for purposes of this exercise, please do not make suggestions relating to the “tail.”
One FPCA Member has made the following recommendations regarding Citizens, and we will be working on specific statutory provisions reflecting these ideas: 1. Adopt Louisiana Rate standard; 2. Give the private market the flexibility to develop products for sinkholes, policies inside the HRA, and non-standard business; 3. Shrink or eliminate the HRA; and 4. Increase the rate cap from 20% per year.
Please be aware that the Governor’s office was supportive of a proposal shortening the time period in which an insured may file a claim and a shortened statute of limitations. Also, attached for your reference, are handouts provided to the Governor’s office at a meeting yesterday.
Should you have any questions, please contact Katie Webb (kwebb@cftlaw.com).
