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Florida Governor Plans To Call Second Special Session To Tackle Insurance Crisis.

Florida Governor Plans To Call Second Special Session To Tackle Insurance Crisis.

Florida’s property insurance industry is struggling to stay afloat, as six insurers have become insolvent and others have raised premiums significantly. Governor Ron DeSantis is working with lawmakers to schedule a special session to stabilize the market. Some measures being considered include revising state law to allow insurance policies that bar assignment of benefits agreements, lowering the retention level of the Florida Hurricane Catastrophe Fund, and addressing attorney fees in litigation. Industry insiders and company leaders warn that waiting until 2023 to make reforms will be too late and would not give insurers relief before reinsurance renewal deadlines next summer.