On October 21, 2009
As ‘Keystone’ Crumbles, Crist’s Insurance Plan Looks More Sketchy
Florida Gov. Charlie Crist has a history of flogging the insurance industry. As major insurers like State Farm flee the state, he says “Good riddance,” while pursuing the U.S. Senate seat that will be open in 2010. With luck, he’ll be there before another big storm hits the Sunshine State. But Crist’s plan for helping Floridians deal with future hurricanes – and, eventually, they will – leaves something to be desired. Apart from praying at Jerusalem’s “Wailing Wall,” his basic strategy has been to replace major insurers such as Allstate, Travelers and, of course, State Farm with about 30 mini-insurance companies propped up by reinsurance and the state’s underfunded catastrophe fund. If this sounds like a house of cards, well,…
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