TALLAHASSEE, Fla. (AP) - The Senate Banking and Insurance
Committee will take a second look at Sen. Garrett Richter's
proposal to cut down on the state's property insurance risk by
reducing its catastrophic insurance exposure.
The proposal that will be debated Monday in the Senate Banking
and Insurance Committee would also permit the state-backed Citizens
Property Insurance Corp. to increase rates by as much as 10 percent
for several years to reach actuarial sound levels.
Without the staggered rates, some Citizens customers could be
looking at premiums jumping 40 percent to 50 percent.
The bill was postponed after debate on April 1.
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