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Agents Prepare for Commission Battle

With just two meetings left, the Property and Insurance Reform Insurance Committee is preparing to finalize its recommendations in laying out a comprehensive roadmap to restore Florida's homeowners'

By Michael H. Adams | Updated on October 31, 2006

With just two meetings left, the Property and Insurance Reform Insurance Committee is preparing to finalize its recommendations in laying out a comprehensive roadmap to restore Florida’s homeowners’ market. Created by Governor Jeb Bush and chaired by Lieutenant Governor Toni Jennings, the committee is charged with focusing on a wide range of issues, including establishing an aggressive mitigation program to reduce the property damage caused by hurricanes to homes and other structures. The committee is also seriously contemplating ways to expand carriers’ access to less expensive reinsurance through the Florida Hurricane Catastrophic Fund. The committee is required to issue an interim report to the legislature by Nov. 11, and submit its final report by Feb. 2, 2007.

As proactive approaches in resolving the homeowners’ market and having a major impact on agents, the committee will focus on expanding the Catastrophe Fund, finding ways to stimulate the voluntary market, and pushing for a national catastrophe fund. Specifically, the committee is seriously considering taking action to rein in agents’ fees. Insurance Commissioner Kevin McCarty, and others say that the dramatic upturn in homeowners’ rates have provided agents with a windfall without having to provide any additional services for policyholders.

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