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Fla. House rejects unregulated insurance option for Citizens policies

TALLAHASSEE — The Florida House has rejected a proposal that could shift homeowners away from Citizens Property Insurance and into unregulated out-of-state insurers.

The Senate last week voted for a property insurance bill that would allow homeowners seeking coverage from Citizens to be shifted to a private surplus line insurance company, which are not subjected to the same regulations as companies based in the state.

But the House on Tuesday stripped out that provision from the bill (SB 1672).

Rep. John Wood, R-Winter Haven, said that the issue was dead for this year's session.

Lawmakers have taken several steps over the last few years to try to steer people away from the state-created Citizens.

Last year, legislators approved a clearinghouse that requires agents to explore private insurers before allowing someone to buy a Citizens policy. A customer is ineligible for Citizens if a company's premiums are within 15 percent of Citizens' rates.

The Senate bill as originally passed would have added surplus line insurers to that option.

Fla. House rejects unregulated insurance option for Citizens policies 04/29/14 [Last modified: Tuesday, April 29, 2014 9:37pm]
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