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Property insurance reform vetoed by Florida governor

Posted On Thu, June 3, 2010

Florida governor Charlie Crist has vetoed a bill that supporters say would have made private insurers more solvent and would reduce pressure on companies, thus promoting a more competitive marketplace.

According to the AP, Crist said he vetoed the property insurance reform bill, which could have stabilized insurance rates in the volatile Florida market, because he was afraid it would have allowed companies to increase residential premiums more easily. He added that the bill might have allowed insurers to unfairly penalize homeowners who made improvements to fortify their homes against the effects of hurricanes.

The report said that insurance companies claim to have lost $700 million in the state last year alone, even despite no hurricanes making landfall there. The companies claim revenues in the state have dropped 30 percent in the last three years.

An editorial in the Orlando Sentinel was critical of Crist's decision, saying that, by passing the bill, it would have forced those fly-by-night insurance companies that are going belly up despite the lack of hurricanes to be backed with enough money to pay out on claims.ADNFCR-2297-ID-19817358-ADNFCR

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