Florida Sen. Mike Fasano, R-New Port Richey, is calling for a repeal of this year's massive property-insurance bill, SB 408, following the state insurer of last resort's decision to file for an average 400 percent rate increase for sinkhole coverage.

“We need to repeal it completely and go back to the 10 percent cap [on rate increases],” says Fasano during a radio interview on WMNF 88.5 in Tampa.

Fasano was one of the leading opponents of SB 408, which contains numerous property-insurance reforms, including a provision that allows Citizens Property Insurance Corp. to increase sinkhole-insurance rates beyond a 10 percent cap that applies to other types of insurance it offers.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.