Pro-business groups support Citizens’ $350 million loan program

A plan to loan $350 million of Citizens Property Insurance’s surplus to private insurers has garnered praise from several pro-business groups in Florida.

The loan program, which was announced and unveiled last week, could reduce the size of Citizens by up to 300,000 policies and reduce future hurricane taxes if Florida is hit by a big storm.

That’s a worthy goal for the state-run insurer of last resort, according to Florida Tax Watch, Americans for Prosperity-Florida, and Associated Industries of Florida.

“On behalf of Associated Industries of Florida, we are pleased the Citizens Property Insurance Corp. governing board is working diligently to reduce the risks posed to our state by the over-exposed, state-backed insurer,” said Thomas C. Feeney, III, President of Associated Industries of Florida. …Read more (TBT/Toluolo)

FLConnectioin/ Arnoldo Varona, Editor

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