New Florida legislation, if signed into law by Gov. Rick Scott, would provide relief to the state's private market insurers and potentially attract new private capital to the Sunshine State.
Citizens Property Insurance Corporation, Florida's residual market insurer, has grown to become the state's largest homeowners' insurer with about 1.5 million policies covering approximately $510 billion in total insured value.
By statute, Citizens currently has the authority to raise money to fund a deficit created by catastrophic losses by issuing bonds and levying assessments on almost all policyholders in Florida. Some of these assessments (called regular assessments) are collected from private market insurers, who must "front" large amounts of cash to Citizens within 30 days of an assessment and recoup the assessment over time from its policyholders.
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