Florida Legislature Approves Private Market Flood Insurance Bill (SB 542)
May 1, 2014
With the Florida Senate’s passage today, May 1, 2014, CS/CS/CS/SB 542, which would create a regulatory framework for a private market flood insurance program in the state, will now go to Governor Rick Scott for action.
To view the bill text and analyses, click here.
SB 542 would provide for the removal of policies from the National Flood Insurance Program and encourage the use of private-market flood insurance by creating a regulatory framework for flood insurance in the state.
Furthermore, the bill prohibits Florida’s Citizens Property Insurance Corporation from writing flood insurance policies and prevents the reimbursement of flood losses from the Florida Hurricane Catastrophe Fund.
Bill sponsor Senator Jeff Brandes emphasized his belief in the importance of allowing Floridians to control their flood insurance coverage needs with private-sector solutions.
“We’re 40 percent of the overall market for the United States, it’s time for Florida to control of its own destiny,” Senator Brandes explained. “Our bill simply allows Floridians to take control of their own destiny. Let’s let them work with insurers, let’s let them determine how much insurance they need, how much insurance they want and how much they can afford.”
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