Property insurance bill gets axed by Crist - Tampa Bay Business Journal:

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Crist rejected House Bill 1171 Wednesday lawmakers had callesthe “Consumer Choice” saying it was anything but that. “Onh the contrary, the bill actually gives the ‘choice’ to a selecr group of property insurance companies and allows them to decide who they are willingh to sella non-regulated policy,” Crist said in a lettee to Secretary of State Kurt S. Browning.
“These selecf property insurance companies will be able to cherruy pick or sell only to profitabldepolicyholder risks, while at the same time offloading theidr undesirable policyholders that are higher risk to their competitors and The bill would have allowed 323 insurers that write homeownerw policies in the state to offer a nonassessable residential propertg insurance policy that would offer rates outside the purview of the state’z Office of Insurance Regulation. The higher premiums that likelyh would’ve come with such a policy wouldf be offset by the removal of assessmentss used to fund CitizensProperty Insurance.
However, Florida’s exposurwe to the “insurance of last has greatly diminished since Crist said, as new propertg insurance writers have come to the statse and at least 400,000 policies were removedr from Citizens. “If the select group of propertuy insurance companies are allowedto ‘redline’ areas of the state they do not wish to this will harm consumers and investords who have worked in good faityh to create a competitive marketplace that has benefitef all Florida,” Crist said. The bill passed the Houswe 105-13 on April 22 and the Senatw 27-9 on May 1. Among those in the House who vote against the measurewere Rep. Keithj Fitzgerald, D-Sarasota; Rep.
Rick Kriseman, D-St. Petersburg; and Rep. John R-Port Richey.