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Crist vetoes “State Farm” bill
Posted Jun 24, 2009 by William March
Updated Jun 24, 2009 at 03:48 PM
Gov. Charlie Crist has vetoed the “State Farm” bill, a bill that would have allowed large insurance companies to sell property insurance policies with unregulated rates.
In his veto message, Crist said the bill would benefit “a select group of property insurance companies” and allow them to “cherry-pick, or sell only to profitable policyholder risks” while “offloading their undesirable policyholders that are higher risk to their competitors and Citizens Property Insurance.”
He said the bill also contains no guarantees that the companies allowed to sell the non-regulated policies would stick around—they could still dump their policyholders and leave the state.
Advocates said the state needed the large capital reserves of national companies that are leaving the state, mainly State Farm Insurance. The company has said it might reconsider its decision to abandon the Florida market if Crist passed the bill.
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Reader Comments
Por (Nama) on June 24, 2009 (Suggest removal)
Floridians need to know that their Governor and Insurance Commissioner have lied to them about the number of companies writing homeowners and the amount of new capital those companies have brought into the State. Listen up People. From the OIR, they have admitted that the information shown on their website is incorrect. There aren’t 40 companies writing homeowners…there are 17. Governor Crist says there’s been $4B in capital, well guess what, $3.83B of that amount is directly attributable to Surplus Lines carriers, who use unregulated rates and write mostly commercial risks, not homeowners! So,either McCarty lied to Crist or Crist just wanted to interprete the information to his own selfish advantage.
Suggest removal