Senate panel accuses Florida insurer of not cooperating with probe [Video]

Video above: Citizens CEO on US Senate probe, ‘Never heard of anyone suggesting’ fed bailout (12/06/2023)

TAMPA, Fla. (WFLA) — The U.S. Senate Budget Committee doubled down on its quest for answers from Citizens Property Insurance, the “insurer of last resort” for Florida property owners dumped by other companies.

In Nov. 2023, committee Chairman Sen. Sheldon Whitehouse (D-Rhode Island) wrote a letter to Citizens CEO, Florida’s insurance commissioner and Gov. Ron DeSantis, urging the officials to send the committee information about its underwriting policies and losses from natural disasters.

Florida lawmakers move to push Citizens customers off on unregulated insurers

As part of the probe, federal lawmakers want to gauge the possibility that Florida may ask for a bailout, which Whitehouse said is “grounded in history.” Both state and federal lawmakers have previously moved to create a mechanism forcing the federal government to help shoulder the burden of property losses from disasters.

A comment from DeSantis …