Gov. Ron DeSantis expressed confidence that a special legislative session will help stabilize Florida’s property-insurance system, but the troubled market is taking another blow as a group of companies is poised to cancel more than 68,000 policies.
“The good news is, on property insurance, I think we’re going to get really, really significant reforms,” DeSantis said during an appearance at Seminole State College of Florida.
“After review of the information filed in support of this request, and considering all of the attendant facts and circumstances, the office finds that approval of the early cancellation plan filed by the companies is necessary to protect the best interests of its policyholders and the public,” the agreement said.
The House and Senate could not reach agreement during this year’s regular session on a property-insurance bill, with the Senate wanting to go further than the House to bolster the insurance industry. House Speaker Chris Sprowls, R-Palm Harbor, said more time was needed to see the results of changes made in a 2021 insurance law.“But it just didn’t do enough, I think, to really stabilize this situation,” he said.
About 8,400 Monarch policies and all 3,300 of Maison Insurance Co.’s Florida policies will be canceled. Also, a new investor will put capital into Monarch, though details of that investment were not included in the consent order.
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