Commercial insurers in Florida will have more freedom in setting rates.
The Florida legislature approved CS/HB 99 that expands the list of commercial lines policies that insurers could set rates without seeking prior approval from the state’s Office of Insurance Regulation.
Property Casualty Insurers Association of America assistant vice president and regional manager for Florida said: “This bill makes Florida a much more attractive place for commercial insurers to do business and create jobs. We commend the legislation and ask Gov. Scott to sign it and enact it into law.”
Paperless Comment: although market should regulate itself, leaving the rates up to insurance companies is like allow wolf into coop.