John Lennon would be proud. His 1970s anthem "Power to the People" is alive and well in Florida. The scene at the Citizens Property Insurance Corp. public rate hearing in Tampa last month was missing the flickering lighters, but the voices were loud and clear: The proposed rate hikes for sinkhole coverage would not stand.
Insurance Commissioner Kevin McCarty got the message. Less than a week later, he chopped the triple-digit rate increase proposal to low double-digits.
On the heels of McCarty's decision come renewed fears that another state-created insurance entity has significant financial troubles. Florida's Hurricane Catastrophe Fund (Cat Fund) is—in the words of its leader and some lawmakers—"dangerously overexposed."
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