The Florida Office of Insurance Regulation said it has begun setting up a program for commercial property-casualty risks that cannot get wind damage coverage in the private market.
The Florida Financial Services Commission (FSC), consisting of Gov. Jeb Bush and cabinet members, gave preliminary approval Tuesday for the OIR to activate a standby commercial property and casualty Joint Underwriting Authority, or consider other options.
OIR Commissioner Kevin McCarty will report back to FSC on August 15th with a more defined set of rules.
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