ORLANDO, FLA.--Florida's legislative changes to Citizens, itsproperty insurer of last resort, has made the carrier actuariallyunsound, the state's chief financial officer told a meeting ofinsurance professionals.
Chief Financial Officer Adelaide "Alex" Sink, speaking today atthe National Council of Compensation Insurance meeting here, alsovoiced criticism of the industry for what she said was a failure toexpress sympathy for the plight of homeowners faced with steep rateincreases.
The changes approved by lawmakers earlier this month to CitizensProperty Insurance Corp. includes freezing rates for two years andexpanding coverage by lowering the rate coverage threshold thecompany charges to 15 percent from 25 percent above what privatecarriers charge.
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