Citizens chief likes part of Senate insurance bill

Surprise! Citizens Property Insurance Corp. board chair Bruce Douglas likes a part of a state Senate insurance package that stops Citizens from writing wind-only policies in the future.

When it comes writing to new policies, Citizens would only be allowed to insure against the whole shebang, including the more lucrative fire and theft as well as wind. The insurance industry hates this proposal, because it means even more direct competition from the state insurer.

"I have never in five and a half years with this company experienced as aggressive opposition as I’m encountering in the case of the elimination of wind only Citizens policies," Douglas said, referring primarily to a Florida Association of Insurance Agents report.

But the House isn't likely to swallow this measure. Their chief negotiator on the insurance package Rep. Dennis Ross has authored an essay (check out page 10) arguing that exact opposite: that Citizens should be restricted to wind-only policies. --Tom Zucco and Jennifer Liberto

Comments

[Omega83]

Welcome to the People's Socialist Republic of Florida...thank you Charlie Crist

[Dan]

Any of our leaders who oppose something that may help the people of Florida should be investigated to find out why. Who's side is Rep. Ross on, who does he work for and who pays him. If it is the tax payers who pay him then he should help us, if it is big business, then he should leave office.

Citizens should not be permitted to write policies for nonhomestead property and insurance companies should not be permitted to cherry pick by only offering nonproperty insurance in this state when they offer property insurance in other states.

It is only competition if private insurers are willing to write wind coverage... which they are not... otherwise it is simply private insurers and their agents cherry picking the more lucrative policies, getting rich off those premiums and commissions and sticking the riskier coverage on all Floridians.

The insurance companies should not be permitted to cherry pick markets. If they sell property insurance anywhere in the US they should not be able to just sell car insurance here in Florida. Either they offer their entire line or they should be permitted to sell nothing in this state.

So SPT - what is the main goal of insurance agents - sell insurance and get a commission maybe? why are they against this?