Senate Omnibus Property Insurance Package Approved 10-9 in Ways and Means Committee
Apr 17, 2009
The Florida Senate Policy and Steering Committee on Ways and Means approved Senate Bill 1950 this morning, April 17, 2009, by a vote of 10 to 9, with Committee Chairman J.D. Alexander being the swing vote. Thirteen amendments were filed to the bill; with eight of those being considered. From the eight amendments that were considered, five were adopted, two failed and one amendment was withdrawn.
A complete report on the meeting will be forthcoming.
SB 1950, the Senate Omnibus Property Insurance bill, is the companion legislation to House Bill 1495 and provides a “glide path” to increase Citizens Property Insurance Corporation rates to actuarial soundness, with a 10 percent average statewide increase per-year cap. HB 1495 sets the cap at 20 percent. Both bills provide that 10 percent of the newly-generated revenue must be allocated to My Safe Florida Home mitigation grants.
SB 1950 next must proceed to the Senate Rules Committee for consideration.
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