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Office Statement

Statement By Florida Insurance Commissioner Kevin McCarty On Senate Passage Of Consumer-Focused Bill
Wednesday, April 16, 2008
TALLAHASSEE, Fla. -- "I am extremely pleased that the Florida Senate today passed, SB 2860, the consumer-focused legislation sponsored by Sen. Jeff Atwater (R-North Palm Beach).
"There are numerous consumer safeguards in this key piece of legislation that will protect Florida consumers from unnecessary and unsupported property insurance rate increases. It will stop insurance companies from bypassing my office and increasing rates through the use-and-file or arbitration processes. It also will increase the Office's authority to make certain that companies pay their policyholders' claims on time.
"Through its funding for the Capital Build-Up Incentive Program, the bill will help continue to encourage growth in Florida's insurance market – which already has seen more than 20 new companies and $3.4 billion in capital added to the Florida market since January 2006.
"I hope the House now will also see the importance of this legislation for Florida consumers and how it will enable my office to continue to ensure that companies are keeping insurance available and affordable."

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm.