Home RSS
Real Estate
Cars

Lawmakers kill bill to shrink Citizens Property Insurance

Sun Sentinel
Lawmakers kill bill to shrink Citizens Property Insurance - lawmaker - Florida - property insurance


Florida lawmakers failed to pass a measure that would have allowed unregulated insurance companies to take over policies from Citizens Property Insurance Corp.



The House passed a bill last month but wouldn’t accept amendments added by the Senate last week before the legislative session ended. The Senate insisted that Citizens policyholders be able to choose to enroll with so-called surplus lines insurance carriers rather than being taken out of Citizens without their consent.

“We’re finished with it for this year,” the House sponsor, Rep. Jim Boyd, R-Bradenton, told the Associated Press.

Supporters say the measure would help shrink Citizens, the state-backed insurer of last resort, while also bringing competition and lower rates. But opponents said policyholders’ claims may not be paid if the surplus lines companies go out of business.


Source








 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.