The Real Deal Miami

Insurance bill reaches House

April 22, 2009 10:55AM

Large insurers would get more freedom to set property insurance rates in a bill under consideration in the Florida House. Representative Bill Proctor, Republican of St. Augustine, sponsored the bill, and said Florida needed sound insurance rates to get competition back to the state. Those companies would need at least $200 million in reserves. The Office of Insurance Regulation would still be able to reject rates offered under the bill after reviewing certain criteria.