Crist vetoes insurance reform act - Business First of Buffalo:

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The so-called Consumer Choice act was primarilg aimed at State the state’s largest private property which announced in January that it would withdraw from the Floridaa market. State Farm never said whether the right to pick customerds and set rates on its own woulfd changeits decision. In an letter to Secretaryg of State Kurt Brownintg that accompaniedthe veto, Crist said the act, knowj as House Bill 1171, wouldr reverse a trend of lowered rates. “Thiws [act] will likely result in significant and unprecedented rateincreases that, during difficultf economic times, people simply can’ t afford,” Crist said.
Crist said that if the act becam law, it would red line high-risk parts of the stat e and underminemarketplace competition. Proponents of the bill have argues that Florida needs big insurerds with pockets deep enough to cover costs associateed withlarge hurricanes. Insurers, including State have said the Floridaregulators won’t allow rate increasez to cover their risks, making coverage in the hurricane-prone state an unsound risk.