FL Hurricane Insurance

By: Associated Press
By: Associated Press

TALLAHASSEE, Fla. (AP) A House panel is moving ahead with a
bill aimed at reducing Florida's property insurance liability.

After running through more than a dozen amendments, the
Insurance, Business and Financial Affairs Committee approved a bill
(HB 1495) Friday to make the state-backed Citizens Property
Insurance Corp. a last-resort insurer. The measure would also draw
down the Florida Catastrophic Insurance Fund, or Cat fund,
obligations by several billion dollars.

A Senate committee got hung up on a similar bill (SB 1950)
Wednesday, but scheduled another meeting for Monday to resolve its
proposal.

The two sides will then have to whittle down their differences
to agree on a final bill to forward to Gov. Charlie Crist for his
signature.


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