Florida’s insurance commissioner has proposed a set of reforms designed to return the state-back property insurer to being a residual market, while at the same time offering the private insurance market incentives to take on more property risks.
Insurance Commissioner Kevin McCarty unveiled his proposals as lawmakers, regulators, business groups and other stakeholders begin a process that they hope will shrink the size of Citizens Property Insurance Corp. with its 1.3 million customers.
At a recent Florida Senate and Banking Insurance Committee meeting, Chair David Simmons, R-Altamonte Springs, said he believes it is time to seriously change the dynamics in the market while at the same time acknowledging that the path ahead will not be easy.
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