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State Sheds Risk

March 25th, 2008 by flanews

A senate committee approved a bill to lower the state’s financial risk in the aftermath of a hurricane and ask the federal government to offer more help. The proposed legislation would lower the state’s catastrophe fund by more than five billion dollars. It also calls for the US Congress to set up a National Catastrophe fund. Florida’s Chief Financial Officer, Alex Sink, praised lawmakers for passing the bill and bringing the state one step closer to lightening its load.

“They are certainly aware of the balancing act that we have. They just can’t be taking advantage of this situation. It’s an opportunity for the industry to join hands with us and the reinsurance markets, to get us back to a more balanced situation,” said Sink.

If five billion dollars is cut from the CAT fund it would be picked up by private insurance companies and decrease the amount of money the state would pay in the aftermath of a major hurricane.

Posted in Hurricane Season, Insurance, Legislature, State News | No Comments »

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