The board overseeing the Citizens Property Insurance Corp. is moving ahead with a half dozen recommendations for the Legislature it believes will help depopulate the state-backed insurer.
The plan approved last week in Orlando by the Citizens’ board would allow the insurer to increase its rates more quickly and reduce its overall exposure by passing along excessive risk to policy owners.
Gov. Rick Scott wanted the recommendations ready for the Legislature to enact during their 2012 session that begins in less than a month.
Citizens is Florida’s largest insurer of homes and businesses with nearly 1.5 million policyholders and growing by several thousand every week. Scott wants the insurer downsized, or even sold, to bring down the risk to millions of Floridians who are liable for catastrophic losses if Citizens became insolvent.
Topics Florida
Was this article valuable?
Here are more articles you may enjoy.
‘Make America Healthy Again’: RFK Jr. Wins Over Fans by Stoking Food Toxin Fear 
To Manage the Cycle Effectively, Focus on Underwriters’ Behavior 
St. Pete to Spend Millions on Stadium After Reducing Insurance Coverage This Year 
Chipotle Shareholders Sue Over Fallout From Skimping on Portion Sizes 
