Sen. Mike Fasano Chips Away At Insurance Bill

A bill that would reduce premiums for insurance policyholders, proponents say,narrowly passed through the Senate Budget Committee Tuesday, but not before an amendmentoffered by Sen. Mike Fasano, R-New Port Richey,was tacked on, which stripped the billof one of its main provisions.

Sen. Garrett Richter, R-Naples, who is sponsoring the bill, said that it allows insurance companies to hold payments on claims until home or property repairs are started, which will reduce the instances where a claimant pockets the money without repairing the damage -- as is currently allowed by law.

Fasano's amendment, however, did away with that portion of the bill. He was skeptical that the bill would actually reduce premiums, contending that insurance companies have made such promises in the past.

"Ihave no trust in the insurance companies, the property and casualty insurance companies. For years they've been telling the Legislature that if you pass this and pass that, or put this in the statute, that premiums will come down. We've seen that to be an absolute lie. There's no question but that the insurance companies will continue to raise their rates regardless of what the Legislature does," Fasano said.

Even though his amendment passed, Fasano voted against the bill, which passed through the committee in a 12-8 vote. It now heads to the Rules Committee before going to the Senate floor.

Full story to follow.