The Florida Legislature has approved rate regulation reform measures that the insurance industry said are the first steps toward real market competition.
Changes allowing insurers to hike or cut rates without prior regulatory approval within set limits were incorporated in an omnibus property insurance reform bill approved Friday night in the closing hours of the 2006 session.
The legislation allows companies to increase or decrease rates by up to 5 percent statewide average, and up to 10 percent for any territory without approval by the Office of Insurance Regulation. It allows such leeway once a year.
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