Insurance industry representatives eying the Florida Legislature's work at the end of the 2006 session praised lawmakers for allowing more competition in insurers' rates and hoped it is the shape of things to come.
In the closing hours of the session late Friday, the legislature approved an omnibus property insurance reform bill that one lobbyist termed the most important state legislation for the industry since measures were passed in the aftermath of Hurricane Andrew in 1992.
Julie Pulliam, Atlanta-based representative of the American Insurance Association, said approval of the flex rating measure allowing carriers to adjust rates without regulatory approval within a limited percentage range was a “baby step” in the right direction.
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