A panel OK’d a proposal to spend $1.5M to look at alternatives for insurers to get adequate financial ratings. Options may include creating a public rating agency.
Florida's joint legislative budget commission approved a request Friday from the state's Department of Financial Services to spend up to $1.5 million on a consultant that would explore alternative methods for rating insurance companies.
With one lawmaker likening Florida’s troubled property-insurance market to a “mountain tumbling,” a legislative panel Friday approved a proposal to spend $1.5 million to look at alternatives for insurers to get adequate financial ratings.