Governor Signs SB 648 and SB 2860 Into Law, Vetoes Insurance Capital Build-Up Incentive Program Funding

Governor Charlie Crist today, May 28, 2008 signed two insurance-related bills into law:

• CS/1st Eng. SB 648: Relating to Insurable Interest/Insurance Contracts sponsored by the Senate Judiciary Committee and Senator Bill Posey

• CS/CS/3rd Eng. SB 2860: Relating to Insurance sponsored by the General Government Appropriations Committee, Senate Banking and Insurance Committee, Senator Jeff Atwater, Senator Steven Geller and co-sponsored by Senators Mike Fasano, Rudy Garcia, Dennis Jones, Don Gaetz and Frederica Wilson

Although Governor Crist signed SB 2860 into law, he withheld approval of Section 16 of that bill, which provided an appropriation of $250 million for the Insurance Capital Build-up Incentive Program out of the surplus of Citizens Property Insurance Corporation.

A memorandum from Governor Crist detailing why he chose to veto Section 16 is attached for your review.

Also attached are two memoranda from the Governor with formal approvals for both SB 648 and SB 2860.

Should you have any questions or comments, please do not hesitate to contact this office.

 

 

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