Gov. Jeb Bush says the proposal will not be a citizens company-type insurer of last resort.
The state-run program would instead provide “re-insurance,” or insurance for the insurance companies, in an effort to convince more private insurers to write commercial policies in Florida.
Gov. Jeb Bush said, “I think generally, based on the experience we've had, we don't want to expand an insurer-of-last-resort type of company in the commercial sector. The unintended consequence could be that we drive out all commercial insurance, and at the end of the day that's not going to do anybody any good.”
The governor has asked the state insurance commissioner to be prepared to present options for such a pool to the Florida Cabinet next week.