The Florida House Insurance Committee received a report yesterday that the state's property insurer of last resort is expected to run a deficit of $1.7 billion from 2005.
Tom Gallagher, Florida's chief financial officer, reacted by urging that surplus sales tax revenues be used to make up the Citizens Property Insurance Corp.'s estimated $1.7 billion deficit.
Normally, deficits of Citizens, the state's property insurer of last resort, are funded by assessments on the state's home insurance writers who then can pass them on to their policyholders.
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