The bill, sponsored by Sen. Garrett Richter, R-Naples, have addressed solvency concerns by imposing a higher capital requirement of $15
million for a new home insurer and provide all potential rate increases with a review and approval or rejection by Office of Insurance Regulation prior to anything being paid by consumers
Elected governor vetoed the bill because he believes it would have made it easier for insurance carriers to get rate hikes to cover reinsurance costs up to 10% a year. The insurance commissioner still would have had to approve these hikes but the process would have been streamlined under the bill.