Speaking before the Florida Insurance Council's recent annual meeting in Key West, CFO Alex Sink said Florida "went in the wrong direction this year when the Legislature decided to freeze Citizens Property Insurance Corporation's rates for yet another year solely out of political purposes."
She said the impact means subsidizing rates in this state by as much as 40 and 50 percent, in some cases. Sink called for serious conversations among legislative leaders and then asked Citizens about conducting a study to find out how unsound its rates were nine months ago.
In those talks, she urged policymakers to determine what makes a fair subsidy. "If we agree it's too big of a subsidy, then let's talk about a glide path to rate adequacy for the state-run insurer that has grown into the largest single property insurer in the State of Florida with some 1.3 million policies," she said.
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