Florida's residual market insurer Citizens' ability to pay claims if a once-in-100-years storm struck the state is doubtful, according to a study by an insurers association.
The Florida Insurance Council released a report outlining difficulties at the current state insurance programs, Citizens Property Insurance Corporation and the state's Hurricane Catastrophe Fund, which provides reinsurance to both Citizens and other insurers.
The report, from the Tallahassee, Fla.-based association, said the solvency of Citizens is dependent upon the Cat Fund's ability to borrow money through the bond market.
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