A remarkable thing happened Tuesday in the Florida Senate: large, out-of-state property insurance companies lost a vote. More remarkable was how the vote broke down.
Before the Banking and Insurance Committee was Senate Bill 1262, which would shrink the Florida Hurricane Catastrophe Fund. Created after Hurricane Andrew in 1992, this unique-to-Florida entity offers companies cheaper, subsidized reinsurance than they can purchase in the private market. All insurance customers in Florida pay into the fund, which property insurers tap to pay claims if a bad storm or a bad storm season drains their reserves.
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