The American Insurance Association said when the Florida legislature reconvenes tomorrow it will be supporting a bill designed to cut the size of the state-operated reinsurance fund.
AIA said the proposal from State Chief Financial Officer Alex Sink would reduce the state reinsurance catastrophe fund coverage from $28 billion to $25 billion.
As a result, AIA said, the amount of money the cat fund would have to raise through the issuance of bonds and subsequent assessments on policyholders would be trimmed back.
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