The day in Tallahassee, April 21, 2009
Posted 4/21/2009 7:25 PM ET E-mail | Save | Print
TALLAHASSEE, Fla. (AP) —
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HURRICANE INSURANCE
A bill allowing consumers to pay higher, unregulated rates to buy property insurance from highly capitalized national insurers is moving to a final vote in the House.
The proposal (HB 1171) would require companies to buy reinsurance from the state's overexposed Florida Hurricane Catastrophe Fund, but they could charge homeowners and business owners expensive coverage without permission from the Office of Insurance Regulation.
The bill's sponsor, Rep. William Proctor, R-St. Augustine, said it gives consumers another choice.....
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