Florida's property insurance reform bill SB 408 receivedapproval on April 5 from its final Senate committee. In its wakecame a frenzy of negative media coverage. A MiamiHerald.comheadline said the bill "benefits the industry," presumably at thesole expense of the consumer. A story in the SarasotaHerald-Tribune boldly declared it is " … legislation intended tohelp Florida's struggling carriers, while offering consumers higherrates, limited rights to challenge carriers and the public burdenof paying for sinkhole damage."

Here's the real story: The bill will increase competition bymaking Florida a less-onerous place to conduct insurance business,help return Citizens Property Insurance Corp. to its roots, andhopefully prevent sinkhole claims from going the way of PIPfraud.

This has to be one of the most fully vetted bills of the Florida2011 legislative session. Prior to receiving a 9-3 approval in thecommittee meeting, it chalked up approximately 16 hours of Senatecommittee hearings and workshops, 70 amendments, and seven staffanalyses. (The companion HB 803 passed by a vote of 12-3 in the House's Insurance andBanking Subcommittee.)