The board overseeing the state’s largest insurer of homes and businesses recommended several proposals aimed at reducing the size of Citizens Property Insurance Corp. this past week.
Gov. Rick Scott wanted the recommendations ready for the Legislature to take up during the 2012 session that begins in less than a month. He is looking for the state-backed Citizens to be downsized, or even sold, to try to reduce risk to millions of Floridians who are liable for catastrophic losses if the insurer became insolvent.
The plan approved by the Citizens’ board would allow the insurer to increase its rates more quickly and reduce its overall exposure by passing along excessive risk to policy owners. Read more.
