Florida TaxWatch Statement on Citizens Property Insurance Corporation Reforms
TALLAHASSEE- A statement from Florida TaxWatch President & CEO, Dominic M. Calabro:
“It is encouraging to see Gov. Rick Scott and the Citizens Board of Governors taking action to ensure the Citizens Property Insurance Corporation (CPIC) executive team operates as good stewards of the funds of this taxpayer-backed insurer. While recent news reports have primarily focused on allegations of internal missteps at CPIC, we must not lose sight of the urgent need to fix a broken system that relies on taxpayer subsidies.
One of the biggest threats to Florida’s taxpayers, homeowners, businesses and our economic growth are the potentially large assessments that will follow when a major storm or series of storms make landfall in our state.
A report issued last November by Florida TaxWatch, titled “Risk and Reform,” outlined the merits of proposed reforms that would reduce the probability, frequency and amount of potential assessments on every home, business, renter, church and charity statewide. Reforms that promote a functioning market that encourages the return of private insurers to Florida and reduce taxpayer liability are both achievable and affordable.
Right-sizing Citizens and transferring risk to private insurance markets is in the best interest of Florida taxpayers and the health of our state’s economy. Florida TaxWatch encourages legislative leaders and policymakers to keep their eyes firmly focused on reforms that will reduce the size and exposure of CPIC.”
CONTACT: Chris Barry, Communications Coordinator, firstname.lastname@example.org 850.222.5052