Senator Garrett Richter speaking on the Legislative Panel during the Florida Chamber's 6th Annual Insurance Summit in Orlando.
Senator Garrett Richter speaking on the Legislative Panel during the Florida Chamber's 6th Annual Insurance Summit in Orlando.

Insurance Reform and Competition

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Florida’s economy is getting more competitive and growing again due, in part, to an improving tax climate. Last year, Washington’s dysfunction shut down the federal government— a move that cost Florida’s families and businesses dearly. Thanks in large part to the politics in Washington, D.C. and no-growth states like California and New York, the United States’ rank in the International Economic Freedom Index is falling. Florida, however, has an opportunity to serve as an example of how a growing private sector leads to prosperity for more Floridians and a brighter future for the next generation. We must fight to keep consistent tax and regulatory systems, continue to reign in our state’s government-run property insurance company and champion a fair legal climate to improve job growth.

 

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Creating a competitive and stable insurance market will lower costs in Florida’s current insurance market. We must continue initiatives like reducing the size and exposure of Citizens Insurance, reforming Florida’s Catastrophe Fund, spreading risks, reducing fraudulent claims and allowing for creative solutions for the issues homeowners and businesses face.

 

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Florida is on the right track toward a more competitive and global economy and businesses are taking notice. Last year, several large employers moved their headquarters or expanded to Florida because of Florida’s attractive business climate. We must continue to be the number one destination for business.

Instead of short-term solutions from well-funded plaintiff trial lawyers with special interest agendas, the Florida Chamber is focused on creating long-term sustainable solutions so Florida can continue to attract, add and grow the top businesses in the nation.

 

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