Florida Gov. Rick Scott has signed a bill meant to continue the Sunshine State's mission to return Citizens Property Insurance Corp. to its rightful place as the last-resort property insurer.
Scott signed SB 1770 late May 29, a piece of legislation he says "will bring much needed reforms to better protect the taxpayers who support Citizens Property Insurance."
The law establishes a clearinghouse aimed at reducing the number of policies at Citizens, which for a variety of reasons—mainly rate suppression—has ballooned to become Florida's top write of property insurance. The clearinghouse allows new and renewed policies to be shopped to private insurers before landing at Citizens. A comparative rate analysis would be generated.
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