Florida insurance commissioner proposes major changes to property insurance

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Florida Insurance Commissioner Kevin McCarty

Staff Orlando Business Journal

Florida Insurance Commissioner Kevin McCarty proposed major changes to the Florida property insurance system, especially for Citizens Property Insurance, at a presentation made to the state Senate Banking & Insurance Committee on Wednesday.

McCarty?s goal is to reduce the risk to state-run Citizens, which accounts for 21 percent of the market ? generally the most vulnerable properties. Citizens' rates are often below private carrier rates.

The risk of a catastrophic storm hitting Florida could wipe out Citizens? reserves and cause assessments to all insurance policy holders in the state.

The presentation given by McCarty had a list of steps to take. See those steps from our affiliate publication, the South Florida Business Journal.

Source: http://feeds.bizjournals.com/~r/bizj_orlando/~3/9_OczZCrzzY/florida-insurance-commissioner.html

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