The Florida House of Representatives has passed legislation designed to attract new insurers to the state and assume policies from the state-run insurer of last resort, Citizens Property Insurance Corp
Approved Thursday on a 109-6 vote, the legislation (HB 5057) provides for $250 million to be appropriated to the state's Insurance Capital Build-Up Incentive Program.
The ICBIP was established to lure carriers to the residential property market by offering loans of up to $25 million to new or existing residential property insurers.
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