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AP National Business

Florida Senate passes property insurance overhaul

KION
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Published 2:40 PM

By ANTHONY IZAGUIRRE
Associated Press

TALLAHASSEE, Fla. (AP) — The Florida Senate has approved sweeping legislation that would overhaul the state’s property insurance system, which has struggled due to insolvencies, high costs and major storms. The Republican proposal passed Tuesday comes during the GOP-led Legislature’s second special session this year aimed at stabilizing the property insurance market. The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer. It also would force insurers to respond to claims more promptly and increase state oversight of insurers’ conduct following hurricanes. The Florida House is expected to give the measure final passage this week.

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