Posted On: June 23, 2009, 6:30 am CDT

Posted By: Fact

Read the bill people:

The bill states companies must have $500 M in surplus - this is good for Florida. They cannot purchase the upper layer of reinsurance from the CAT Fund - another good thing for Florida and the already under funded CAT Fund. It also states if they have between 150M and 500M they must maintain a net written premium to surplus is no more than two to one - another good thing to protect solvency. Plus, according to the OIR, there are 323 insurers currently licensed by the OIR to write personal lines residential property insurance that maintain $500 million or more in surplus or that maintain over $150 million but less than $500 million in surplus with a two to one ratio of net written premium to surplus.

Straight from the bill, please tell me how that is unregulated? Please tell me how those capital and surplus requirements hurts us? Sounds like a good plan to require companies to have that surplus so they don't go insolvent.

323 does NOT sound like a select few to me....sounds like we need this bill.