Crist vetoes insurance reform act - Business First of Buffalo:

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The so-called Consumer Choice act was primarilty aimed atState Farm, the state’s larges private property insurer, which announced in January that it wouldc withdraw from the Florida market. State Farm nevetr said whether the right to pick customeras and set rates on its own would change its In an letter to Secretary of Statse Kurt Browning that accompanie dthe veto, Crist said the act, knownb as House Bill would reverse a trendc of lowered rates. “This [act] will likely result in significant and unprecedente d rateincreases that, during difficult economic times, peoplee simply can’t afford,” Crist said.
Cristr said that if the act becamw law, it would red line high-ris parts of the state and underminemarketplace competition. Proponentd of the bill have argued that Floridza needs big insurers with pockets deep enough to coveer costs associated withlarge hurricanes. Insurers, including State Farm, have said the Floridw regulators won’t allow rate increases to cover their making coverage inthe hurricane-prone statw an unsound risk.