TALLAHASSEE–Florida Gov. Rick Scott (R) today signed Senate Bill 408, popularly known as the “Cost Drivers'” bill. Among other things, the bill tightens regulations on public adjusters, raises solvency requirements for new property insurers, and requires homeowners to use proceeds from sinkhole claims to repair their properties.
“Contrary to populist rhetoric and demagoguery, SB 408 is a good piece of legislation that shores up the private insurance market and tackles fraudulent claims that are driving up costs for all consumers,” said Christian Cámara, Florida director of The Heartland Institute’s Center on Finance, Insurance, and Real Estate. “Enacting this legislation is a small but important step in restoring Florida’s property insurance system to better cope with the state’s susceptibility to natural disasters. It is refreshing to finally have a governor willing to do what’s right for Florida, rather than what’s politically expedient for him.”
Cámara can be reached at 305-608-4300 or by email at [email protected].
The Heartland Institute is a 27-year-old national nonprofit organization with offices in Chicago and Washington, DC. Its mission is to discover, develop, and promote free-market solutions to social and economic problems. For more information, visit our Web site at http://www.heartland.org or call 312/377-4000.