Jeff Atwater Says Citizens Sinkhole Request was Too Aggressive
Florida CFO Jeff Atwater, saying Citizens had been too aggressive, applauded the Office of Insurance Regulation for reducing the requested sinkhole rate hike from an average of 447 percent to 32.8 percent.
I thought it was a very solid ruling, Atwater said. This was too aggressive a rate increase that was being asked for.
The Florida Office of Insurance Regulation declared Monday night that the rate hike was not supported by credible evidence from Citizens to meet Florida Statutes meriting the hike.
Atwater added that the request was inappropriate for the current economy.
Its what the people of Florida needed, some relief from what was coming, Atwater said.
The state regulatory office declared that while the severity of sinkhole claims has increased, Citizens failed to provide enough data to support the claim justifying the full increase.
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