Meeting in Orlando, the governing board of Citizens Property Insurance Corp. approved a six-point legislative package to be submitted to lawmakers for consideration during the 2012 session. Modeled after a measure introduced during the 2011 session, (SB 1714), the plan calls for reining citizens coverage and speeding up the glide path by which the state-backed property insurer would raise rates to make its premiums actuarially sound. In addition, Citizens staff estimated that in-house efforts to limit exposure could reduce the potential maximum loss by more than $1.5 billion, a 7 percent reduction. Of that, $1.0 billion would be saved in coastal areas, a 15 percent cut.
Via The News Service of Florida.