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The insurer is seeking a 22% interim raise, but the request is currently on hold. -
Commissioner Lara calls the 10 bills a ‘comprehensive legislative package.’
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At the first Insurance Insider US Miami Forum, Floridian industry players pointed to signs of stability.
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The bill seeks prompt claims payments and settlements, and greater transparency.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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A report from the reinsurance broker said fast rate approvals are key to stabilizing the California marketplace.
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The NFIP’s strategy is to use "short-term borrowings" to meet what could be $10bn in claims.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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The state is building an insurer of last resort from scratch, taking notes from California.
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The Florida of 2022 lacked stability and saw many carrier insolvencies.
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Democrats pushed back during the hearing, urging rules to encourage mitigation.
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The agency said it does not expect a “material impact” from the charge.
