Florida Senate passes property insurance overhaul amid continued crisis
TALLAHASSEE, Fla. – The Florida Senate on Tuesday approved sweeping legislation that would overhaul the state’s property insurance system, which has struggled due to insolvencies, high costs and major storms.
The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer. It also would force insurers to respond more promptly to claims and increase state oversight of insurers’ conduct following hurricanes.
The Republican proposal was put forth during the GOP-led Legislature's second special session this year aimed at stabilizing the state's property insurance market. The state House is expected to give the measure final...
