Florida lawmakers hope to aid ailing home insurance market

By ANTHONY IZAGUIRRE
Associated Press

TALLAHASSEE, Fla. (AP) — Florida lawmakers have advanced sweeping GOP legislation intended to shore up the state’s struggling home insurance market in the year’s second special session devoted to the topic. In the session that began Monday, legislators discussed a proposal that would create  a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave the state-created insurer of last resort and rejoin the private market. It also would force insurers to respond to claims more promptly and boost state oversight of insurers’ conduct following hurricanes. The bill cleared a Senate banking committee and is expected to sail though the Republican-dominated Legislature this week.