A 45-day regulatory drama that began with Citizens Property Insurance Corp.'s triple-digit sinkhole rate increase proposal on August 3 ended with Florida Insurance Commissioner Kevin McCarty' s eleventh-hour denial on September 19.
The prequel for the face-off goes back to the 2011 legislative session.
Although a 2010 Florida law capped the state-run insurer's overall rate increases at 10 percent, the 2011 passage of SB 408 lifted the ceiling specifically on Citizens' sinkhole premium increases as part of the sweeping residential property reforms. That change allowed Citizens to vie for a significant increase in the sinkhole portion of its rate filing to compensate for the loss costs in that coverage.
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