Crist veto of insurance bill makes consumer advocates happy
Gov. Charlie Crist has vetoed a bill that would have deregulated rates for some residential property insurance policies. The bill (HB 1171) would have let homeowners pay higher, unregulated rates for insurance covering hurricanes, fires and other hazards from highly capitalized national companies.
In his veto message today, Crist wrote that the "Consumer Choice" bill "actually gives the choice to a select group of property insurance companies." He wrote that â€œIt would have let them choose to sell unregulated policies only to customers who pose the lowest risk.â€
The veto is a blow to the Florida Chamber of Commerce, who argued that it would increase choices for both consumers and businesses.
The measure was opposed by groups like the Florida Property Casualty Association and the Florida Public Interest Research Group, also known as FPIRG.