G. Bruce Douglas
Tuesday, May 9, 2006
As this notice is being written, one of the hottest issues of the 2006 Florida Legislative Session is being debated-what action is needed to stem the tide of failing property insurance companies and how can this situation be stabilized. It appears that all Florida homeowners will pay for the state’s largest property-insurance failure. The expected “bailout” comes on the devastation of multiple hurricanes last year and the inability of some private insurance companies in Florida to pay for the property damages incurred during these storms. The estimated 280,000 affected policyholders will be offered coverage by the state-run Citizens Insurance Corporation-an entity created to insure property in Florida that the private market will not. However, there are a number of lingering questions including the stability of funding and reserves for Citizens considering that it endured an estimated $1.7 billion deficit in 2005, how the state intends to fund Citizens, and does it offer a long-term solution for the state or is it built on a house of cards should the state endure another round of devastating storms? What will be the short- and long-term implications for Florida homeowners and their current and future property insurance rates? To bring the most up to date information on this critical issue, Tiger Bay has secured G. Bruce Douglas, Chairman of the Board for Citizens Property Insurance Corporation, to address our membership and their guests on May 9, 2006 at the Silver Slipper. Please join us on May 9 when Mr. Douglas shares his insight and perspective, and answers all of your questions on this critical issue for our state.