A proposal to shift more of the financial burden of a catastrophic hurricane on the backs of Citizens Property Insurance Corp. customers passed the Senate Budget Subcommittee on General Government Appropriations on Thursday, reports the News Service of Florida. The measure, SB 1346, passed on a 6-0 vote and now heads to the full Budget Committee. The proposal reduces or eliminates regular assessments that kick on Citizens customers in the event the state-backed insurer exhausts its surplus when paying claims. The bill shifts the burden of repaying additional claims to a wider pool of insurance policyholders over a longer period of time. The House companion, HB 1127, passed its first committee hurdle earlier this week.
Source: http://saintpetersblog.com/2012/01/citizens-insurance-bill-passes-senate-subcommittee/
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