Florida’s Insurance Commissioner Kevin McCarty has been tasked with figuring out how to make Florida more attractive to other insurers. Florida’s largest property insurer, state-backed Citizens Property insurance, was intended to be the “insurer of last resort.”
But, lawmakers have been trying for years to come up with ways to shrink the size of the company, including Republican Senator David Simmons, the new chair of the Senate Banking and Insurance Committee.
“There has to be a fund that we have put public money into to provide that level of protection to insurance companies who are going to be competitive here, in other words, to try and even it out," said Simmons. "And, what I’m suggesting is the Commissioner give us, if you have more than way to skin this cat, please, present it to us.”
In addition to McCarty, Simmons is asking the stakeholders and regulators have their proposals to address the problem of Citizens ready by the first week of January.
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