SOURCE: Florida Property & Casualty Association

June 24, 2009 17:32 ET

Statement From the Florida Property & Casualty Association Regarding the Governor's Veto of House Bill 1171 Known as the "Open Rating" Bill

TALLAHASSEE, FL--(Marketwire - June 24, 2009) - The following is a statement from the Florida Property & Casualty Association:

"The Florida Property and Casualty Association applauds Governor Crist's veto of HB 1171 related to residential property insurance. The FPCA fully supports a fair and open marketplace, but this legislation would have had the opposite effect. It would have given certain larger insurance companies an unfair business advantage by allowing them to cherry pick policies in the lowest risk areas of the state while quoting more expensive unregulated rates in higher risk areas. At a time when insurance rates have stabilized and a time of economic uncertainty for many people, this bill would have further diminished affordable choices for Floridians and would have eventually dumped more policies into the state-run insurance program Citizens."

About Florida Property & Casualty Association:

The Florida Property & Casualty Association (FPCA) is an industry trade group comprised of Florida-based insurance companies that write either automobile or homeowner policies. Established in 1997, the organization's mission is to foster and promote a healthy, competitive insurance market in the State of Florida. Through its lobbying and communications teams, FPCA works to educate Florida lawmakers, government regulators and consumers on issues and policies that affect property and casualty insurance. The FPCA is a leading source for timely information on insurance legislation and regulation, as well.

Contact Information

    Don Silver
    of Boardroom Communications
    (954) 370-8999
    (954) 629-7523
    or via email at Email Contact