Florida Senate Approves more Insurance Regulation by the State

Avatar — Sat, 05 Apr 2008 15:11:10 +0000

Problems in the embattled State of Florida have allowed the passing of the Florida Senate of more measures to enact control in the insurance industry much to the disgust of insurers. The move was brought about by the controversial pullout of Allstate from the state even resorting to deliberately cancel policies without their owner’s knowledge with another provider following suit. The cascading effect had affected the home sales market so much that any buyers were swayed by the fact they could not get any insurance for their prospective property. The bill is hailed by homeowners and legislators alike but many insurance firms have expressed dismay for it hampers their competitive edge so to speak in the industry. The move is to prevent rescissions and foreclosures from happening without the state’s appointed body having mediated in a meeting that would aim to resolve the outstanding issues. This is aimed to control the already dire insurance situation in the state that has experienced a rash of foreclosures due to many homeowners not being able to settle their mortgages.

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Florida Senate Approves more Insurance Regulation by the State