The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer.
Florida senate meets on Tuesday for special session in Tallahassee.– The Florida Senate on Tuesday approved sweeping legislation that would overhaul the state’s property insurance system, which has struggled due to insolvencies, high costs and major storms.
The bill, which builds on insurance legislation passed in May, is not expected to immediately lower rates for policyholders, which has drawn criticism from Democrats. Backers of the bill argue that it is meant to stabilize the market, which then could lower rates in the future. Senate Democrats filed a round of amendments to the bill and peppered Boyd with detailed questions about the state of the insurance market, insurance litigation and various elements of the complex proposal.
The Florida Office of Insurance Regulation has said the state accounts for 76% of the nation’s homeowners’ insurance lawsuits but just 9% of all homeowners insurance claims. The bill would provide $1 billion in taxpayer funds for a program to provide carriers with hurricane reinsurance, which is coverage bought to help ensure they can pay out claims. It would offer “reasonable” rates in a market where companies have complained about rising costs.
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