The incoming Florida House speaker is asking the chairman of the state-backed Citizens Property Insurance Corp. to postpone a key depopulation strategy to give lawmakers a chance to review it.
Speaker-designate Will Weatherford wrote Citizens’ board chairman Carlos Lacasa with concerns about the insurer’s decision last month approving $350 million in low-interest loans for private insurers to relieve Citizens of thousands of policies.
Citizens’ is Florida’s largest insurer of businesses and homes with some 1.4 policyholders and has sought unsuccessfully for years to shed thousands of policies to reduce the liability for the insurer and its customers, who are on the hook financially if the company fails to pay claims in the wake of a destructive storm.
Weatherford said Citizens’ may not have the legal authority to start such a program.
Topics Legislation Florida
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