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Florida Property Insurance Bill SB 408 Becomes Law

Florida Gov. Rick Scott has signed into law a major property insurance reform bill aimed at addressing certain cost drivers in the market.

By Joan E. Collier | Updated on May 17, 2011
In this AP file photo, Florida Gov. Rick Scott, right, delivers a speech to the Florida legislature in Tallahassee, Fla. (AP Photo/Chris O'Meara)

When Florida Gov. Rick Scott signed SB 408 today, he said, “A healthy, stable and competitive private insurance market is critical to the success of Florida, given the hazards we face. I commend the Florida Legislature, especially Sen. Richter and Rep. Wood, for bringing this important legislation forward.”

The bill, which addresses cost drivers in an attempt to reform Florida’s unsteady property insurance market, became effective upon the governor’s signature. As it made it way through the legislative process it faced strong opposition from various quarters, most notably from Sen. Mike Fasano, R-New Port Richey. Fasano fought many of the bill’s provisions and as recently as this week was urging Scott to veto it.

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