TALLAHASSEE, Fla. (AP) _ Gov. Rick Scott wants the state-backed Citizens Property Insurance Corp. to recommend ways to make the troubled insurer solvent.
And Scott wants answers by the Dec. 6 Cabinet meeting. The governor grilled Citizens' President Scott Wallace at Tuesday's Cabinet meeting and said that an individual wouldn't organize their life in the same manner the state's largest insurer operates its business.
Citizens is the state's largest property insurer with nearly 1.5 million policyholders. A destructive hurricane could leave the company insolvent and put Florida taxpayers on the hook for making up the difference.
The Citizens' Board of Directors next meets Nov. 16 in Orlando. Legislators in 2007 tried to protect the so-called insurer of last resort in Florida by clamping down on higher premiums, but that decision didn't work.