Associated Industries of Florida Forms Financial Security Council

Formation of a Financial Security Council will provide an opportunity for business leaders across Florida to focus on key financial service issues such as development of public policy recommendations on property insurance, according to the Associated Industries of Florida.

“AIF believes the future of the Florida economy depends on a strong, competitive financial services sector,” said Barney Bishop, president, AIF. “Critical to that future is a sustainable private property insurance market. The Financial Security Council will focus on developing market-based solutions that the business community can recommend to the Governor, Chief Financial Officer and Legislature.”

The Council will be chaired by Cecil Pearce, vice president, American Insurance Association. Pearce previously served as co-chairman of AIF’s Hurricane Insurance Crisis Coalition. Council members will include representatives from the property casualty, life and health insurance industries as well as representatives from other major business associations.

“It’s vital that insurers work closely with the business community to address this very serious issue for our state,” Bishop said. “I’m pleased that Mr. Pearce and AIA have agreed to take a leading role in bringing together the state’s business community to speak with one voice to policymakers. This collaborative approach works, as was demonstrated earlier this year with the work of the Hurricane Insurance Crisis Coalition and the release of our study showing the extreme risk the state and its taxpayers have taken on with the expansion of Citizens and the Florida Hurricane Catastrophe Fund.”

Source: American Insurance Association