In prior years, the great legislative property and casualty debates centered on medical malpractice insurance and workers' compensation coverage. Now, however, with those two lines of coverage running at near optimum levels, policymakers have focused the majority of their energy and angst on homeowners' insurance. And landing square in the middle of that debate is the role of the excess and surplus lines' role in the marketplace.
Given Florida's coastline, building boom, and weather, most people agree that that is not necessarily a bad thing. The disagreements take hold when rhetoric becomes law. The wind began shifting at January's special session with major changes to Citizens Property Insurance Corp., driven by new Governor Charlie Crist.
At the session's end, Florida Insurance Commissioner Kevin McCarty issued an order rescinding Citizens Property Insurance Corporation's approved rates that would have become effective January 1, 2007, and ordered Citizens to roll back rates to December 31, 2006 levels. Further legislation during the regular session extended that freeze to January 2009.
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