A Florida state-created fund that backs
up private insurers in Florida appears to be in the best financial
shape it has been during its 20 years of existence.
New projections show that the Florida
Hurricane Catastrophe Fund should have nearly $12 billion available
for the upcoming hurricane season that starts on June 1.
An advisory panel for the fund will be
given new estimates Thursday from Wall Street firms. Those estimates
show that the fund should be able borrow enough money to cover all of
its claims.
The financial health of the fund is
important because the state can place a surcharge on most
insurance policies if the "Cat
Fund" runs out of money. Critics have called this a "hurricane
tax."
New England and Rhode Island seeking
double-digit increases im insurance premiums.
Health insurers in Rhode Island are
seeking double-digit increases in the premiums that individuals and
small businesses will pay for coverage next year. This is the largest
increase in years as the federal health care law takes full effect.
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