Florida Citizens Insurance shall be re-formed as a mutual ownership private company (2008)
From Ballotpedia
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| This measure did not appear on a ballot. |
The initiative proposes a new constitutional amendment and is aimed at the November 2008 Florida ballot.
Objective of the initiative:
Citizens Insurance shall be reformed as a mutual policyholder owned private company within two calendar years. Citizens shall not be sold to any existing public or private insurance company. All members of the Board of Directors and / or Executive Committees shall be Policyholders. Citizens shall write both personal and commercial lines of property & casualty insurance as term with a maturity of 1 - 30 years and / or permanent policies.
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Support
Howard Kunreuther, co-director of the Risk Management and Decision Processes Center[1] and a professor at the Wharton School of the University of Pennsylvania writes, "To guard against this uncertainty, I propose a new kind of policy, one that would last as long as your mortgage--15 to 30 years, that is. The annual premium could be wrapped into your monthly mortgage payments, as it often is today. Your mortgage lender would, of course, inspect your policy as closely as it now inspects your walls for termites. The long-term policy would be a valuable asset that you could transfer to the next owner of your home. Nonrenewal would not be an issue."[2]
Status
The initiative has been approved for circulation by the Florida Secretary of State. To be placed on the November 2008 ballot, 611,009 valid signatures must be submitted by January 25, 2008. In Florida, signatures are only valid for up to four years, however, the initiative can be circulated indefinitely.
See also
- Petition drive deadlines in 2008
- Florida signature requirements
- Florida Initiative and Referendum Law
- Florida 2008 ballot measures
- Campaign finance requirements for Florida ballot measures
Other measures sponsored by Hurricane Insurance Creation
- Florida Hurricane Insurance as a Local Taxing Authority (2008)
- Florida's Local Budget Approval Initiative (2008)
- Florida Homestead Exemptions Indexed (2008)
External links
- Official website of initiative supporters
- Full text of proposed law (PDF)
- Number of signatures collected to date
- Hurricane Insurance Creation sponsorship statement
