Property Insurance rates have fallen 16 percent. This allowed 30 new companies to open up shop in Florida over the last two years.
A law that went into effect in 2007 made reinsurance cheaper for the industry and required the insurers to pass those savings on to their policyholders.
Over the past two years Governor Crist has threatened the industry with a class action lawsuit, and the Office of Insurance Regulation has denied frequent requests from insurance companies to raise rates.
Governor Crist said, “by refusing the outrageous rate increases that they have asked, Commissioner McCarty has done, I think, an extraordinary job in protecting the consumers in the state of Florida."
Crist wouldn’t say whether he will continue to pursue a class action lawsuit against insurers.
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