Fla. Senate Plans Probe Of $52M Citizens-Heritage Deal

Law360, Miami (June 7, 2013, 6:26 PM EDT) -- The Florida Senate plans to review state-backed Citizens Property Insurance Corp.'s decision to pay Heritage Property and Casualty Insurance Co. $52 million to take over 60,000 homeowners insurance policies, according to a memo sent by the Senate's president Thursday.

Senate President Don Gaetz, R-Niceville, told senators that the Senate Banking and Insurance Committee would begin an investigation into the controversial deal with Citizens, a state-backed nonprofit insurer the legislature established in 2002 as the state's insurer of last resort, as soon as committee meetings begin in...
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