Florida Gov. Crist Says He's Likely to Veto Insurance Deregulation Bill

June 5, 2009

Florida Gov. Charlie Crist says he's leaning toward vetoing a bill that would deregulate some premiums for property insurance.

Asked he would veto the bill, Crist said he's "moving in that direction.'' He said he thinks deregulation is inappropriate at this time.

The bill (HB 1171) would let homeowners and businesses, if they choose, pay higher rates to get coverage for hurricanes and other hazards from highly capitalized national insurers.

It's partly a response to a decision by State Farm Florida to withdraw from the state after failing to get approval of a rate increase company officials say they needed to remain financially viable.