The Office of Florida Governor Rick Scott issued the news release below today, May 17, 2011, after the Governor signed CS/CS/CS/SB 408, a comprehensive bill relating to residential property insurance.  The bill is also known as the “Cost Driver Bill.”

Governor Scott Signs Bill to Strengthen Florida’s Insurance Market

TALLAHASSEE – In keeping with his campaign promise to allow competition that gives consumers more insurance choices, today Governor Rick Scott signed SB 408 into law.  This bill is a comprehensive property and casualty insurance package.  It strengthens Florida’s property insurance market by addressing cost drivers associated with burdensome regulations, and confronting the sinkhole crisis. It is a significant step forward to making Florida more competitive and attracting new companies into the state.

“A healthy, stable and competitive private insurance market is critical to the success of Florida, given the hazards we face,” said Scott. “I commend the Florida Legislature, especially Senator Richter and Representative Wood, for bringing this important legislation forward.”