ORLANDO, FLA.--Florida's legislative changes to Citizens, its property insurer of last resort, has made the carrier actuarially unsound, the state's chief financial officer told a meeting of insurance professionals.
Chief Financial Officer Adelaide "Alex" Sink, speaking today at the National Council of Compensation Insurance meeting here, also voiced criticism of the industry for what she said was a failure to express sympathy for the plight of homeowners faced with steep rate increases.
The changes approved by lawmakers earlier this month to Citizens Property Insurance Corp. includes freezing rates for two years and expanding coverage by lowering the rate coverage threshold the company charges to 15 percent from 25 percent above what private carriers charge.
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