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AIF: PHASE IN HIGHER CITIZENS RATES

December 10, 2008
Source: The News Service of Florida

The president of one of the largest business organizations in Florida called Wednesday for an early end to Citizens Property Insurance's rate freeze and a phased-in rate increase for the insurer. Under current state law, the rate freeze is scheduled to end in January of 2010.

Barney Bishop, president of Associated Industries of Florida, called for Citizens to raise premiums to actuarially sound levels over two years starting in July, 2009. Bishop, speaking to the Citizens Mission Review Task Force in Jacksonville, also called for the panel to recommend to lawmakers that Citizens be barred from offering commercial non-residential multi-peril policies statewide, and from selling multi-peril residential policies in inland areas. AIF argues that Citizens' rates are artificially low and that prevents private insurers from being able to offer property coverage. The task force is meeting in Jacksonville.