Possible Class Action Lawsuit Against Florida Insurers
Florida Gov. Charlie Crist has asked lawyers to review documents as precursor to a possible class action lawsuit against some property insurers in the state.
“I’m very frustrated, as I know the people of Florida are,” Crist said Wednesday in Miami. “Some companies have done the right thing and I think followed the new law that the legislature passed. But some companies, I’m very close to being completely convinced that they’re just violating the law.”
Crist was very critical of some insurance companies which had filed for rate increases with the state’s insurance regulators. Insurance companies were expected to pass on savings to consumers after the state’s legislature expanded it’s Hurricane Catastrophe Fund by $12 Billion.
It’s not known as of yet what monetary value a possible lawsuit might seek. However, insurance companies using the fund would have saved millions in expensive reinsurance purchased from private markets.
