The Florida Legislature, in the closing hours of its 2006 session, has approved two measures aimed at bolstering small property insurers.
The provisions were incorporated in an omnibus property insurance reform bill approved Friday night.
One measure would allow greater access to the Florida Insurance Catastrophe Fund for so-called limited apportionment companies (LACs) with $25 million in surplus or less. It enables them to buy a $10 million layer of coverage for each of two hurricanes above retention of 30 percent of the company's surplus at a rate of 50 percent of coverage selected for one year only.
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