Topic: Property Insurance

Up to 75,000 policies were approved for removal Tuesday, but only about 11,000 policies will move from Citizens Property Insurance Corp. into the private market. Still, the timing of the latest take-out round right before hurricane season undercuts one of the arguments for a deal to give another company up to $52 million in backdated premiums for taking over up to 60,000 policies during hurricane season last year.

A new report predicts the state's reinsurance fund could borrow up to $8.3 billion if a major hurricane hit, meaning with its surplus and pre-event bonding of $13 billion, it could easily cover its maximum $17 billion in coverage.

Lawmakers approved a plan to entice more private companies to underwrite flood insurance but major legislation to reduce the size of the Cat Fund and significantly rollback coverage in Citizens Property Insurance Corp. didn't pass.

Regulators have approved Southern Oak Insurance Co. to select up to 10,000 policies from state-run Citizens Property Insurance Corp. in July.

Bill sponsor Sen. Jeff Brandes, R-St. Petersburg, yielded to the House version of the bill requiring insurers to cover the full replacement value of the home, not just the amount of the outstanding mortgage.

The latest sinkhole bill, which was inserted into HB 375 after being thwarted in the Senate last week, calls on Citizens Property Insurance Corp. to develop a program requiring customers to choose from a list of vendors for sinkhole repairs.

The House removed a provision which would have allowed surplus lines companies to participate in a program where private insurers can pick up state-run Citizens Property Insurance Corp.'s policies.

Legislation prohibiting insurers from using credit checks to deny claims and creating a "homeowner claims bill of rights"is headed to Gov. Rick Scott's desk after passing through the House on Wednesday.

A provision allowing unregulated surplus lines insurance companies to participate in state-run Citizens Property Insurance Corp.'s clearinghouse program was stripped out of SB 1672 by the House on Tuesday.

The chambers continue to clash over a provision allowing private companies to offer flood coverage only up to the outstanding amount on a mortgage.

The House and Senate are still squabbling over whether to allow private insurance companies entering the flood insurance market to offer coverage only up to the amount of the outstanding mortgage on a home.

Tampa Bay senators took issue with a provision allowing unregulated, out of state insurers to participate in a program shopping state-run Citizens Property Insurance Corp.'s policies in the private market.

Sen. Latvala blocks move to put sinkhole repair program in a Citizens depopulation bill. The sponsor withdrew the amendment but warned it could come up again.

Insurance Commissioner Kevin McCarty issued a memo to insurance companies last week reminding them to waive deductibles for crime victims. Attorney General Pam Bondi's office found 13 companies had violated a state law requiring them to waive the deductibles for eligible crime victims.