wrobert
Beach Fanatic
When it comes to our Florida leaders, who is their watchdog to see if they warrant a passing grade? Do our legislators do their homework? Do they really know their "stuff" when tested on important topics such as insurance and taxes?
Not long ago, Rep. Dennis Ross of Lakeland and Rep. Don Brown of DeFuniak Springs unveiled a report card to Florida legislators on the same day state senators were interrogating insurance executives in another wing of the Capitol. This report card was a private study conducted in collaboration with the James Madison Institute, the Competitive Enterprise Institute and Heartland Institute concerning the reforms passed in January of 2007.
To no one's surprise, leaders were handed a failing grade, verifying that the reforms failed to achieve lasting rate reductions for property owners and, most importantly, caused massive liabilities for taxpayers. The report went on to share that these reforms caused many private insurers to reduce or eliminate their Florida exposure.
Ross and Brown are concerned about the state forcing taxpayers to assume excessive risk by popularizing Citizens Insurance as if it were a logical resource, along with unacceptable laws that allow Citizens and the Florida Cat Fund to impose massive new taxes without legislative or voter approval. I don't care what the technical term is, these are taxes!
Both representatives offered countermeasures in collaboration with the organizations that conducted the study to help solve the ongoing crisis:
- Create a limited-purpose, wind-only insurer and phase out Citizens as it currently exists as well as reducing the Cat Fund's liabilities and mandate the purchase of private reinsurance.
- Establish a national coastal wind insurance zone that would fall under special federal regulation but not receive federal subsidies.
- Offer property-tax credits paid by the state and administered through local government to encourage mitigation and help people of modest means purchase private wind insurance.
Andy Gregory, is co-owner and executive vice president of Des Champs & Gregory Inc., with offices in Bradenton and Lakewood Ranch. He can be reached at (941) 748-1812.
Not long ago, Rep. Dennis Ross of Lakeland and Rep. Don Brown of DeFuniak Springs unveiled a report card to Florida legislators on the same day state senators were interrogating insurance executives in another wing of the Capitol. This report card was a private study conducted in collaboration with the James Madison Institute, the Competitive Enterprise Institute and Heartland Institute concerning the reforms passed in January of 2007.
To no one's surprise, leaders were handed a failing grade, verifying that the reforms failed to achieve lasting rate reductions for property owners and, most importantly, caused massive liabilities for taxpayers. The report went on to share that these reforms caused many private insurers to reduce or eliminate their Florida exposure.
Ross and Brown are concerned about the state forcing taxpayers to assume excessive risk by popularizing Citizens Insurance as if it were a logical resource, along with unacceptable laws that allow Citizens and the Florida Cat Fund to impose massive new taxes without legislative or voter approval. I don't care what the technical term is, these are taxes!
Both representatives offered countermeasures in collaboration with the organizations that conducted the study to help solve the ongoing crisis:
- Create a limited-purpose, wind-only insurer and phase out Citizens as it currently exists as well as reducing the Cat Fund's liabilities and mandate the purchase of private reinsurance.
- Establish a national coastal wind insurance zone that would fall under special federal regulation but not receive federal subsidies.
- Offer property-tax credits paid by the state and administered through local government to encourage mitigation and help people of modest means purchase private wind insurance.
Andy Gregory, is co-owner and executive vice president of Des Champs & Gregory Inc., with offices in Bradenton and Lakewood Ranch. He can be reached at (941) 748-1812.