On the final day of the Florida legislative session, the Property Casualty Insurers Association of America is encouraging legislators to make a commitment to create a healthy and competitive insurance marketplace, which is essential for attracting as well as retaining property insurance writers in the state.
“The Florida property insurance market is really standing at a precipice,” William Stander, PCI assistant vice president and regional manager, said. “If they don’t want the state to be the sole insurer, then they have to get real serious, real fast. After years of over regulation, we are urging senators to make a commitment to free market principles that will allow the marketplace to work. The first priority has to be to making sure insurance is available from the private market. Insurers want to stay in the Florida market and that will require implementing a reasonable approach to regulation in this post catastrophe market.”
With one of the top legislative priorities of the session still unresolved, lawmakers are working hard to find compromise language that can be agreed upon in both houses of the Legislature. The focus of attention right now is Senate Bill 1980.
“As we enter this final day of the regular session it is impossible to know the end result,” Stander said. “However, the necessary components for success this year include, providing access to additional Catastrophe Fund capacity, rate modernization with adequate rates in the residual market and greater respect for the sanctity of private model and proprietary data.”
Source: Property Casualty Insurers Association of America