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Florida House Committee Follows Suit, Quickly Approves Insurance Reform Bills

May 25, 2022

A Florida House committee and the state Senate wasted little time Tuesday in approving sweeping property insurance bills, leaving only the full House of Representatives to cement the changes on Wednesday, which would likely ending the special session two days early.

The question for some lawmakers now is: Will a $2 billion, premium-free state fund to be established by the legislation, provide enough reinsurance relief to salvage some struggling insurers one week before reinsurance renewal deadlines. A few representatives and insurance industry leaders said “no” – that as many as four carriers will still not be able to afford complete reinsurance programs and will face rating downgrades. The Legislature will be asked to act once again.

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