Insurance panel sees two remedies
The Senate Select Committee on Property Insurance Accountability closed a two-day hearing Tuesday with a pair of sweeping proposals that could profoundly change how insurers do business in Florida.
- Require that insurance companies calculate their rates using only state-approved, long-term catastrophe models rather than short-term models that usually lead to higher rates.
-Find a way to reduce the risk in the state's catastrophe fund or CAT Fund, which lawmakers expanded by $12-billion last year, while at the same time keeping rates reasonable. Read more here.