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Deregulation bill in Florida passes Senate committee

Posted On Mon, April 4, 2011

Home insurance is back in the headlines in Florida as a piece of legislation got one step closer to eventual passage.

According to the Daily Rosetta, a bill that would increase home insurance rates for property owners by 30 percent cleared a Senate committee last week.

The financial news service reports that Senate Bill 1330, if passed, would allow insurance companies to raise rates above those approved by the Office of Insurance Regulation.

This is the latest stop in the approval process for the bill, which would deregulate home insurance rates in Florida. In mid-March, it passed an insurance subcommittee by a vote of 6 to 3.

Supporters of the legislation believe deregulation will ultimately save consumers money; those opposed to it call the bill "anti-consumer."

"In my five years of service in the Legislature, I can't recall a bill that was so obviously written by the industry," said Representative Rick Kriseman in an interview with TampaBayOnline.com.

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