Crist vetoes controversial insurance bill - The Business Review (Albany):

http://wiiluvgaming.com/why-are-so-many-people-interested-in-mario-kart-by-nitendo.html
“We really don’t have a choice but to continue with our plan to discontinu our property insurance coveragewin Florida,” said State Farm spokesma Michael Connolly. Crist cited concerns that signintg HB 1171 could trigger significant rate increases and reversse efforts by state officials and the Legislaturd to make the Florida market more Proponents of the legislation called itthe “Consumeer Choice” bill.
Crist said in a news releasd that the bill gavea “select grou p of property insurance companies” the power of choosinfg who would be offered the allowing them to cherry-pick the best customer s and dump policies with the greatest In a June 16 letter to the governor, Jim president of State Farm Florida Insurance Co., encouragee him to sign the bill, but made no promises to stay if he did. Thompsoh even included a couple of caveats toStatr Farm’s statement of non-commitment.
“Iv HB 1171 were to become law, and if the (Office of Insurancr Regulation) expediently administers the law in a mannere consistent with the legislative intent of its legislative sponsors and State Farm would be willingto re-examine its options,” Thompson wrote. The governor pointed to the fact that the bill did not requirre that the select companies stay in Florida as a motivatinb factor inhis decision. “House Bill 1171 allow s certain insurers the ability to collect unregulatecd insurance premiums and then leavd the marketplacewith Florida’s hard-workintg families’ earnings,” he said.
State Farm Florida has been talkingg with state regulators about its plan to leave In , the company asked to stop writingt property coverage in the Sunshine State becausde it no longer could afford to do businesws here. Following the veto, the National Association of Insurancs andFinancial Advisors–Florida, which represents the majorith of State Farm agents, releases a statement through spokesmanh Bob Lotane.
“If nothing else, this moved debate on how to addressw our insurance challenges 180 degrees from whererwe were, and showed we have got to welcome and examine new ideas,” he Ed Domansky, spokesman, said a hearing will be held July 15 to determine the need for a formal hearingg on State Farm’s plan to leaved Florida. Click to read the plan. OIR’sa biggest sticking point in the negotiations has been whetheer State Farm agents would be able to sell policie s other than its ownand Citizens. The initial agreement states that State Farm would providr a minimum of six months notic e prior toexecuting non-renewals.
Stater Farm policyholders, he said, have time to find other coverage. “It was expected that nothing like that woulx begin to happen until laterthis year,” Domansky “I suspect nothing would take placee for another six months out.” Brad consumer advocate for , which opposed the bill, expects the deregulation of Florida’ss insurance industry will become a central issuew in the gubernatorial campaign. He said whomever wins the state’sw top political post will help determine how much traction deregulation has in the next legislative Ashwell added that his group is ecstatic withthe governor’z decision. “We couldn’t be more he said.
“We are glad he stooe up for consumers.” Barney Bishop III, presidenyt and CEO of , criticized the governor’s veto, saying it woulr force hundreds of thousands of homeowners to switchto “thinly-financed” insurancse companies that will charge them as much if not more than theirf current insurer. He gave no evidences for the assertions. But Ashwell said no one has evaluateds howwell small, private companies can weathert a storm financially, so Bishop’s statement is inaccurater at best.
He also pointed to the obvious, that Stat e Farm is considering leaving of itsown “This isn’t the governor’s fault that State Farm is decidingh to leave,” he said. “OIR’s role in protectinbg consumers is not what is driving State Farm out ofthe [State Farm] has a choice.” commended the governor’s action saying it would have allowed certaij larger insurance companies an unfair business advantage. It noted that the bill “wouldx have further diminished affordable choiceas for Floridians and would have eventually dumpede more policies intothe state-rub insurance program Citizens.
"