Florida Governor Rick Scott is pressuring lawmakers to make changes to some of the state’s auto and property insurance laws. The Governor claims that these laws are each costing consumers millions of dollars. Legislators have been trying to find a resolution for the issue for over a decade but have so far been unable to make any headway. Governor Scott is now pushing for a solution to be found quickly to prevent further financial stresses falling upon consumers. State law requires Floridian drivers to purchase personal injury protection. The issue…
Read MoreTag: insurance in Florida
Citizens board of governors submits new legislative agenda to Florida lawmakers
The governing board of Florida’s Citizens Property Insurance Corp. has agreed on a new legislative agenda that could save the state-run insurance program more than $1.5 billion in insured losses. The board met with state legislators this week in Orlando to discuss the agenda, particularly what legislators can do to make the insurance program more efficient. The board expressed the importance of making cuts to the types of properties the program can insure and has begun pressuring lawmakers to hasten the rate at which premiums can rise. Earlier this year,…
Read MoreFlorida legislators consider allowing surplus insurers to participate in Citizens Property Insurance Corp
In an effort to make Florida’s Citizens Property Insurance Corp. more sustainable in the future, lawmakers are now considering opening up the state-run insurance program to surplus carriers. Legislators believe that by allowing surplus insurers to participate, the program will go through a depopulation period as consumers take advantage of the wider variety in policies they have access to. Currently, the state-run program covers more than 1.5 million policyholders. With the program being so large, Governor Rick Scott believes that the only two solutions for sustainability lie in depopulating or…
Read MoreFlorida dodges volatile hurricane season, could make Citizens Property Insurance more financially sound for 2012 season
Hurricane season has come to an end and Florida and its insurers are still standing. Florida has managed to evade major hurricanes for the past six consecutive years. For a state that is growing increasingly dependent upon insurance coverage, this is no small feat. Florida’s Citizens Property Insurance has also emerged from the season virtually unscathed by major storms, though the state-run insurer is still wracked with persistent financial and fraud issues. The 2011 Atlantic hurricane season produced 19 named storms, of which only 7 became full-fledged hurricanes, according to…
Read MoreFlorida Governor calls for residents to share insight on Citizens Insurance Group
Florida Governor Rick Scott is looking for input from consumers on what to do with the state-run insurance company Citizens Property Insurance Corp. The company has come upon difficult financial times in recent years, much of which has been at the hands of fraud and natural disasters. The company was recently approved to raise rates on sinkhole coverage for homes as a way to offset the losses seen in years past. The new rates have spurred public outcry, which has led regulators to stagger the rate increase over the course…
Read More