Citizens Property Insurance bill passes Subcommittee
January 26th, 2012
The following article was published in The Polk County Democrat on January 26, 2012:
Citizens bill passes Subcommittee
A proposal to shift more of the financial burden of a catastrophic hurricane on the backs of Citizens Property Insurance Corp. customers passed the Senate Budget Subcommittee on General Government Appropriations on Thursday.
The proposal reduces or eliminates regular assessments that kick in on Citizens customers in the event it exhausts its surplus.
The bill shifts the burden of repaying additional claims to a wider pool of insurance policyholders over a longer period of time. The House companion, HB 1127, passed its first committee hurdle earlier this week.