I should have passed this along earlier, but I’ve have a couple of projects at the day job hitting a boiling point. Anyway, seen on the AP wire, a story regarding minor property insurance reform in Florida:
The bill also is tougher on insurers. It doubles maximum fines for insurers that violate state law. By abolishing arbitration panels it also makes it harder for insurers to hike rates after being denied those increases by state regulators. And it requires insurers to use models approved by the state when setting rates.
Moreover it extends by one year, to January 2010, a provision from last year’s insurance bill that requires insurers to get state approval before raising property insurance rates. Insurers must also notify regulators 90 days before they can drop more than 10,000 homeowner policies in one year.
Yeah, that’s going to invite new capital into the Florida insurance market.