CEI Florida Insurance Project Lauds Legislative Action on Proctor Bill
HB 1171 Is a Step in the Right Direction, CEI says
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by Richard Morrisontwitter
March 27, 2009
Washington, D.C., March 27, 2009—The Florida House of Representatives Policy Committee on Insurance, Business, and Financial Affairs today unanimously approved HB 1171 – the first major market-freeing insurance reform since 2007. The bill, which still must pass the full House and Senate, would significantly expand the availability of property insurance throughout Florida.
The proposal – proffered by Rep. William Proctor (R-St. Augustine) – would allow insurers to bypass the state's current rate regulation process and therefore make themselves immune from the potentially enormous assessments that could arise if the Citizens Property Insurance Corporation should it find itself unable to pay claims following a major hurricane strike. Citizens, a state agency, serves as the largest provider of property insurance in Florida.
“The passage of this legislation would truly be a positive step toward a real free market solution to Florida's insurance crisis,” said Christian Cámara, Director of the Competitive Enterprise Institute's Florida Insurance Project. “Many Floridians would prefer to have the choice of staying with their insurance provider of many years rather than lose them to onerous bureaucratic regulations. This proposal eases those regulations and encourages private companies to return or stay in Florida, thereby giving consumers more choices when it comes to insuring their homes.”
CEI is a non-profit, non-partisan public policy group dedicated to the principles of free enterprise and limited government. For more information about CEI, please visit our website at www.cei.org.
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