WEST PALM BEACH, Fla. — A group of Florida state senators will be speaking next week with a couple of big players in the state's insurance industry.
The Senate's Banking and Insurance Committee will hold a hearing on Oct. 10 with Florida Insurance Commissioner Michael Yaworsky and Citizens Insurance CEO Tim Cerio.
State Sen. Bobby Powell, D-West Palm Beach, said he has a number of questions for the commissioner.
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"No. 1, is there a plan to maybe cap the increases," Powell said. "I'm not saying you have to stop raising rates but maybe cap it at 5%. A number of us have seen rates double and triple over the last three or four years."
Florida has had a tough year with insurance as some major companies depart the state, leaving policyholders with soaring premiums and swelling numbers for the state-backed Citizens Insurance.
Recent reforms passed by the Republican majority in Tallahassee are aimed at bringing stability to the market, but estimates say it could take months and maybe years.
"If we didn't feel a sense of urgency, we'd be completely out of touch," state Rep. Toby Overdorf, R-Stuart, said. "I believe there is a need to do more reforms."
The legislative session begins in January, and it's expected that Democrats and Republicans will have conflicting ideas on how to address the insurance crisis.
"We have got work on a strategy where everyone comes together," Powell said.