Homeowners Insurance CEOs Push for Legislation Reform

the most intense hurricane ever recorded in the Atlantic Ocean, Hurricane Wilma, among several others. Now the Florida-Based Property Insurers CEO Group fears that the stateâÃ,€Ã,™s luck may run out this year, causing taxpayers to indeed face the financial hardship of paying for the damage through assessments added to their insurance premiums.

Legislative Measures to Address the Problem

In response to the groupâÃ,€Ã,™s conference, Florida lawmakers are proposing measures to strengthen the stateâÃ,€Ã,™s property insurance market, namely with bills CS/CS/SB 2044 and CS/CS/HB 447. The bills will impose a three-year limit on hurricane insurance claims; address fraudulent activities, particularly by mitigation discount verification inspectors and public adjustors; require that insurance payments go to repairing damage caused to homes by hurricanes or sinkholes; get rid of unnecessary sinkhole insurance claims; and support legislation to ensure the solvency of insurance companies and to protect policyholders by providing the Office of Insurance Regulation with authority to appropriately supervise managing general agencies (MGAs), whose structure has been crucial to the organization of Florida insurance companies since the worst hurricanes have ravaged the state.

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