TALLAHASSEE — Gov. Rick Scott has signed into law a bill designed to strengthen property insurance companies that cover damages from hurricanes, fires and other hazards.
The legislation Scott signed today also is aimed at reducing fraudulent sinkhole claims.
The sponsor, Sen. Garrett Richter, a Naples Republican, said in a statement that the new law will "promote a competitive market with solvent companies that our policyholders can rely on."
Critics said it would lead to higher premiums for homeowners and other property owners. Former Gov. Charlie Crist vetoed a similar measure last year.
In a related action, the State Board of Administration, chaired by Scott, filed an emergency rule giving the Florida Hurricane Catastrophe Fund more time to respond to an influx of claims from 2005 storms.