NU Online News Service, Dec. 7, 3:45 p.m.EST

There is a new property insurance bill in the works inFlorida–one that insurers hope will gain the support of new Gov.Rick Scott.

"We have to get it passed and signed, and we believe we will,"said Samuel Miller, executive vice president of the FloridaInsurance Council.

Mr. Miller said the bill could be taken up by the state SenateBanking and Insurance Committee in early 2011.

Earlier this year the industry threw its support behind SB 2044,which addressed many non-hurricane-related cost drivers forinsurers.

The bill overwhelmingly made it through the state House and Senate but wasvetoed by former Gov. Charlie Crist.

At the time the bill's sponsor, Sen. Garrett Richter, R-Naples,said the only explanation he had for the veto was "pure politics,"and Chief Financial Officer Jeff Atwater–then the Senatepresident–said Mr. Crist mischaracterized the bill.

Sen. Richter said the new bill be different than 2044, sincesome things were put in the bill at the request of the formergovernor's office with the impression that in doing so, Mr. Cristwould support and sign the bill.

"Some of those things that were done strictly for his benefithave been removed because I don't think they were good policy, orthe best policy," said Sen.Richter, adding that the new bill islikely to address sinkholes in Florida. During the last session,the industry chose to give up on measures by lawmakers to addressthe sinkhole claims issue in order to give 2044 a better chance ofpassing.

Even without a substantial hurricane affecting Florida the lastfive years, nearly 40 percent of property insurers posted surpluslosses the first six months of this year, Insurance CommissionerKevin McCarty has said. Almost 60 percent of insurers postedunderwriting losses.

Yet new hope, and a second chance, has arrived with a newgovernor and several new senators.

"I think they can and will understand how bad things are rightnow," said Mr. Miller. "We need them to be willing to make toughdecisions. I know we will have the same strong coalition behind anew 2044."

Commissioner McCarty, who is waiting to hear whether he willremain the commissioner, supported 2044 along with then-CFO AlexSink, numerous trade associations and then-Insurance ConsumerAdvocate Sean Shaw, as well as the state's insurer of last resort,Citizens Property Insurance Corp., and the Florida HurricaneCatastrophe Fund.

Among other things, 2044 adjusted the time period to file claimsfollowing a hurricane to three years from five years and includedregulation of public adjusters. The legislation gave the Office ofInsurance Regulation greater oversight of affiliated reinsurers andmanaging general agents. It also addressed expedited filings forthe cost of reinsurance.

Mr. Miller said other bills could also be in the works. One mayhave to do rate regulation–a flex-rating proposal as an alternativeto previously proposed full deregulation.

The other initiative is specific to Citizens. It is said thislegislation could make it harder for residents to get coverage fromand stay with the supposed last-resort insurer, which has grown tobecome the second-largest property writer in the state with an 11.4percent market share in 2009, according to Highline Data, apart of Summit Business Media, which also owns NationalUnderwriter.

State Farm is the largest with a 12.8 percent market share.

Florida has another opportunity to address the issues afteranother quiet hurricane season. This year matched a previous spanof five years without a hurricane.

"We've never had six years in a row without [a hurricane]," Mr.Miller said. "I'm not saying we are due, but the market is a messwithout them."