Governor Says Companies Are Failing To Pass Savings On
LABELLE, FL. -- In a statement issued today by Governor Charlie Crist, insurance company's are to be investigated by the Florida Senate's Select Committee on Property Insurance Accountability for not bringing down insurance rates.
Crist said, "In spite of steps taken to lower the cost of insurance, it appears some insurance companies have failed to pass those savings along to customers as the law requires them to do. I applaud Senate President Ken Pruitt for tapping Senator Steve Geller and Senator Jeff Atwater to lead the Senate's bold steps to hold Florida's property insurance companies accountable.
The Florida Legislature worked diligently last year to listen to industry representatives and identify the tools needed to stabilize the property insurance market in Florida. Sometimes, big business can be just as bad as big government, and I applaud the Senate for taking action today to unravel the mystery of why insurance rates have not come down as we understood they would. For too long, the industry has profiteered on the backs of our people."