Insurance bill aimed at businesses advances

Mar 21, 2008

South Florida Sun-Sentinel--Mar. 21, 2008

The Florida House of Representatives’ insurance committee unanimously approved a bill Thursday that would let businesses opt out of helping to pay deficits at Citizens Property Insurance Corp., the state-backed entity that has become the largest property insurer statewide.

The bill, sponsored by Rep. Garrett Richter, R-Naples, would create a new type of insurance that’s exempt from Citizens’ deficits and from many rate regulations.

However, state regulators would be able to reject rates, if insurers don’t set them high enough or use rate-setting factors prohibited by law.