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Governor Charlie Crist says the state’s battles with property insurance companies are paying off. Property Insurance rates have fallen 16 percent and 30 new companies opened up shop in Florida over the last 20 months. A law that went into effect in 2007 made reinsurance cheaper for the industry and required the insurers to pass those savings on to their policyholders. Over the past two years Governor Crist has threatened the industry with a class action lawsuit and the Office of Insurance Regulation has denied frequent requests from insurance companies to raise rates.

“We’ve essentially kicked out the bad actors. By refusing the outrageous rate increases that they have asked, Commissioner McCarty has done, I think, an extraordinary job in protecting the consumers in the state of Florida with the encouragement of my fellow cabinet members, so credit to them as well,” said Crist.

Crist wouldn’t say whether or not he will continue to pursue a class action lawsuit against insurers.