Legislative Update re Property Insurance Bills 4/19/06

Jan 10, 2007

This week the House of Representatives and the Senate took up their respective property bills. House Bill 7225 was heard in the Fiscal Council Committee and Senate Bill 1980 in the Ways & Means Committee. Only nominal changes were made to the bills and discussion within the Committees focused on the proposed appropriations to Citizens from a “windfall” occurring from hurricane related sales tax revenues. The House Committee voted for $920 million and the Senate Committee voted for $750 million appropriated to offset potential assessments.

House Bill 7225 is expected to be heard on Monday in the Commerce Council, and Senate Bill 1980 has not been placed on any other agenda at this time.

We will continue to monitor this matter and provide you with frequent updates.

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