Florida’s new insurance law is a boon to the insurance industry

Florida’s new insurance law is a boon to the insurance industry

Gov. DeSantis lately signed Senate Monthly bill 2-D into law, and in so carrying out gave the insurance policy market a generous gain at the expense of Florida home owners.

The legislation is essentially an additional layer of reinsurance — it’s a $2-billion fund (furthermore extra income from the standard funds if the governor so wants) which insurance plan businesses can faucet in to, absolutely free of demand.

The regulation is express that no rates shall be charged to insurance providers for their participation in the system. The legislation is also crystal clear that insurance plan companies may perhaps draw from the fund devoid of any offsets for reimbursements which they may perhaps have been given from other reinsurance sources.  It gives for 100% reimbursement (90% of losses + 10% for “loss adjustment expenses”) to insurance policies organizations which is run by tax bucks. 

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