January 18, 2012

Tallahassee, Fla. – A video supported by Associated Industries of Florida as well as consumer, business and insurer associations was released today in an effort to educate and inform the public about how “hurricane taxes” associated with the Florida Hurricane Catastrophe Fund (Cat Fund) will affect all Floridians following the next major storm or series of storms to hit the state.  Illustrating how and why the Cat Fund was created and describing the current risk all Floridians face because of the fund’s $3.2 billion shortfall, the video urges Floridians to support important Cat Fund reform legislation – Senate Bill 1372 (Sen. JD Alexander, R-Lake Wales) and House Bill 833 (Rep. Bill Hager, R-Boca Raton).

“For several years Associated Industries of Florida has supported reform of the Florida Hurricane Catastrophe Fund, and while there has been forward progress in the past, we believe the legislation that is being considered this year will play a positive and important role in restructuring the fund,” said Jose Gonzalez, Associated Industries of Florida Vice President of Government Affairs.  “It’s important the Florida Legislature implement the necessary changes in order to better protect all Florida businesses, consumers, charities, churches and automobile policy holders.”

“One way consumers can better protect themselves is to be better informed,” said Bill Newton, Florida Consumer Action Network Executive Director.  “The Florida Consumer Action Network urges consumers to understand solvency and assessment risk issues, as well as this year’s premium costs.  While Mother Nature has been kind to Florida the past few years, the dangers of over-relying on unfunded debt to pay our claims in the wake of the next big hurricane are all too real. The proposal from Senator Alexander, Representative Hager and Cat Fund Chief Operating Officer Jack Nicholson represents an incremental, measured path to necessary, smart reform.”

The video can be viewed by visiting http://bit.ly/CatFundReform.