Fla. Governor Nixes Property Insurance Bill

Law360, New York (June 3, 2010, 3:19 PM EDT) -- Florida Gov. Charlie Crist has vetoed a bill designed to stabilize and curb “cost drivers” in the state's residential property insurance market, citing concerns about its purported expansion of expedited rate-filing procedures for property insurers and “troubling changes” in mitigation discounts.

Crist on Tuesday officially vetoed the omnibus S.B. 2044, sponsored by state Sen. Garrett Richter, R-Naples, despite support for the bill from Florida Office of Insurance Regulation Commissioner Kevin McCarty.

The bill offers a number of broad reforms meant to drive down the cost of...
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