HomeMy Public PortalAbout2000-27 Urging the Florida Legislature to reform the Florida Windstorm Underwriting AssociationRESOLUTION NO. 2000-27
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA; URGING THE
FLORIDA LEGISLATURE TO REFORM THE FLORIDA
WINDSTORM UNDERWRITING ASSOCIATION;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, windstorm insurance rates are skyrocketing at incredible rates; and
WHEREAS, communities and neighborhoods residing within designated windpool areas
have no choice but to purchase their insurance through the Florida Windstorm Underwriting
Association; and
WHEREAS, four -fifths of the Florida Windstorm Underwriting Association's board of
directors are representatives of property and casualty insurance companies, 12 individuals
representing the insurance industry and three non -insurance industry -related persons; and
WHEREAS, requests for rate increases are based upon the Florida Windstorm Underwriting
Association's own actuaries utilizing their own computer modeling and based upon their own
assumptions; and
WHEREAS, legislative oversight of the Florida Windstorm Underwriting Association is
minimal; and
WHEREAS, the Department of Insurance's ability to regulated the Florida Windstorm
Underwriting Association's rates is restricted by Florida law; and
WHEREAS, the Commissioner of Insurance's recent rejection of a rate increase by the
Florida Windstorm Underwriting Association was overturned by a three -member arbitration panel.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA AS FOLLOWS:
Section 1. That the Legislature increase the membership of the Windpool Association to
reflect a majority of non -insurance industry -related persons.
Section 2. That the Florida Legislature reduce the deductibles within the windpool areas for
non -hurricane related wind damage.
Section 3. That the Florida Legislature protect the homeowners and consumers of property
and casualty insurance within the windpool areas by allowing the Insurance Commissioner as
designated in statute to have final rate -making authority.
Section 4. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 11th day of July , 2000.
MAYOR JOE I. RASCO
CONCHITA H. ALVAREZ, CMC, VILLAG
APPROVED AS TO FOR AND IrkAp...\_
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RICHARD JAY WEISS, VILLAGE ATTORNEY