May 19, 2013
TALLAHASSEE, Fla. (AP) - A business group lobbyist says
Florida's insurance regulators aren't doing their jobs if they
don't tell Citizens to raise property insurance rates by 10 percent
across the board.
Barney Bishop, president of Associated Industries of Florida,
said at a Tuesday hearing that it is astonishing that the
state-backed insurer would not increase rates on all policies by 10
percent.
He called Citizens a cash-starved, bond-challenged entity that
has ignored legislative intent by failing to move forward with the
double-digit increase.
Bishop said Citizen's $4 billion surplus puts Florida residents
on the hook for millions of dollars in assessments if a big storm
struck the state.
He said Citizen's present exposure is $413 billion.
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