House Members Hold Bi-Partisan Property Insurance Package Press Conference
Apr 2, 2009
Today, April 2, 2009, several members of the Florida House of Representatives were present at a bi-partisan press conference regarding property insurance reform.
State Representative Alan Hays (R-Umatilla) opened the press conference and described the provisions that will be outlined in House Bill 1495, which is considered to be the House property insurance legislative package. Representative Hays noted that insurance premiums must be raised “judiciously.”
Among the proposals in HB 1495:
- Reduce Florida exposure in the Florida Hurricane Catastrophe Fund (“FHCF”) by $12 billion over six years
- Allow Florida to borrow $2 billion from the state pension fund to back up the FHCF in event of a hurricane
- Use $26 million from the proposed Citizens Property Insurance Corporation increases to pay for My Safe Florida Home, a program that helps homeowners finance new storm windows and fortified roofs.
Several other interested parties participated in the press conference, including Associated Industries of Florida, the Competitive Enterprise Institute and other non-profit organizations. Representatives from these organizations reaffirmed the need for insurance reform by building adequate capital to pay claims and reduce assessment exposure.
Florida Insurance Consumer Advocate Sean Shaw spoke about the importance of mitigation in crafting a solution to accomplish property insurance reform.
State Representative Bill Proctor (R-St. Augustine) addressed House Bill 1171, which authorizes insurers to offer non-assessable residential property insurance that would not be subject to rate determinations as excessive or unfairly discriminatory, and would preserve the authority of the Florida Office of Insurance Regulation to disapprove rates or rate filings.
A copy of the post-press conference informational release is attached for your review.
For additional information on Florida’s legislative process and terminology, click here.
Should you have any questions, please feel free to contact Colodny Fass.
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