Fla. Senator Files Bill To Lower State Cat Fund Deductible

Law360, Miami (October 3, 2013, 5:35 PM EDT) -- Florida Sen. Jeremy Ring, D-Margate, filed a bill Wednesday aiming to keep the Florida Hurricane Catastrophe Fund at $17 billion, while lowering property insurers' deductibles and expanding the kind of losses it would cover.

S.B. 228 mirrors an amendment Ring succeeded added on a bill during the last session but ended up dying in committee. The measure addresses the tax-exempt fund the state created in 1993 after Hurricane Andrew to serve as a lower-cost source of reinsurance for property insurers.

Ring's legislation would lower the deductible,...
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