New Citizens Property Insurance president suggests lifting cap on rate increases

Citizens Property Insurance President Barry Gilway says Florida’s lawmakers should consider raising the cap on rate increases for policyholders, according to Sunshine State News. There is currently a 10 percent cap on rate increases, but that should be exceeded, he told Governor Rick Scott and the Florida cabinet. “You can’t ignore the fact that rate is an issue,” Gilway said. [Sunshine State News via SFBJ]