Gov. Charlie Crist has vetoed the attempt by the Legislature to divert $250 million from the reserves of Citizens Property Insurance to entice private insurers to write more homeowner's policies by providing them with state-subsidized low-interest loans as back-up capital.
Crist commended the legislation for its "consumer protections" but he warned that by taking $250 million from Citizens' ability to pay claims "will substantially increase the likelihood of assessments for Floridians across the state.'' He said he "would not support risking an additional financial hardship on Floridians." Download property_insurance_2860.pdf
The insurance bill also freezes Citizens Property Insurance rates for another year and doubles fines state regulators can impose.