COMMITTEE TO SIMPLIFY HOMEOWNERS INSURANCE POLICIES FOR FLORIDIANS ANNOUNCED
First Meeting Slated For October 4th, Report Due January 15th
Tom Gallagher, Florida’s chief financial officer, announced a ten-member committee tasked with developing a standard homeowners insurance policy for Floridians that is both easy to understand and offers comprehensive coverage. State lawmakers called for the committee in response to Gallagher’s concern that many victims of the 2004 hurricanes were not adequately protected because they either did not understand the complex language in their insurance policies or had not updated their policy limits to keep pace with increasing property values.
The new law, passed by state lawmakers in the 2005 session, requires Gallagher to appoint an advisory committee that includes two members recommended by Insurance Commissioner Kevin McCarty, two appointees from the residential property insurance industry, two property insurance agents, two consumers and Florida’s Insurance Consumer Advocate. The committee must issue its recommendation to the Legislature by January 15, 2006.
Along with announcing the members of the Standard Personal Lines Advisory Committee, Gallagher also announced the committee’s meeting schedule. The first committee meeting is scheduled to be held in Room 110 of the Senate Office Building on October 4th, from 10 a.m. to 5 p.m., in Tallahassee. The other scheduled meeting dates are October 28th, November 17th and December 6th. The final meeting will be on January 4, 2006.
Members of Standard Personal Lines Advisory Committee
Jim Graganella – Capital Preferred & Southern Fidelity Insurance Companies. President / CEO.
Bruce A. Baker, USI Insurance Services of Florida, Inc.
OFFICE OF INSURANCE REGULATION RECOMMENDATIONS