LobbyTools Daily Wrap-Up: Senate May Pass ‘Dereg Lite’ Property Insurance Bill

SENATE MAY PASS “DEREG LITE” PROPERTY INSURANCE BILL … Senate President Jeff Atwater, R-North Palm Beach, said on Thursday that he is going to urge that Senate to pass what he calls a “dereg lite” bill that is different from SB 876, the “consumer choice” bill sponsored by Sen. Mike Bennett, R-Bradenton. That legislation would limit the ability of the state to reject rate hikes requested by insurance companies. A similar version was vetoed by Gov. Charlie Crist last year.

Atwater said he is concerned that homeowners would be could be asked to pay a “shocking” rate hike if the legislation became law. Atwater said that insurers instead should be given a range that they could raise rates on an annual basis, or a “stair step” as he called it. Atwater said the approach would be similar to what legislators did in 2009 when they authorized rate increases for Citizens Property Insurance.