The Florida Legislature has ratified several changes in the rate-setting process for the state's property insurer of last resort to ensure they are more actuarially sound.
In steps to bolster the Citizens Property Insurance Company the lawmakers approved a $715 million appropriation to offset the insurer's 2005 deficit. That action would reduce the 11 percent premium assessment faced by all property writers in the state to about 2.5 percent.
The measure calls for the emergency assessment to be amortized over a 10-year period.
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