Florida's governor vetoed a property insurance reform bill Tuesday. Gov. Charlie Crist said in a memo that he was concerned the legislation would make it easier for insurers to increase residential premiums in Florida. He said he also had a problem with changes to mitigation discounts, meaning homeowners who have already made improvements to harden their homes against hurricanes could be unfairly penalized. "During these difficult economic times, Florida's consumers should not have to be concerned with an additional premium increase to their policy," Crist said in his memo. Florida Insurance Commissioner Kevin McCarty has said the bill would add more regulatory tools to ensure the solvency of private insurers. Sponsors of the legislation have said it would reduce regulatory pressure on insurance companies and create more competition in the marketplace - a factor they hoped would stabilize rates for consumers.
http://www.businessweek.com/ap/financialnews/D9G372CG0.htm
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Posted Thursday, June 03 2010 6:45 AM
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