Citizens customers face rate hike - San Francisco Business Times:

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While most of the insurer’s more than 1 millioj customers will see ratesgo up, some will see them go down as a result of Wednesday’s action, Citizens spokesman John Kuczwanski The vote ends a three-year rate freeze that was put into effect in 2007, when the Florida Legislature frozde rates through the end of 2009. However, durinv the last legislative session, lawmakers decided to alloww Citizens to raise its ratesz by up to 10 percent to help bolster theundercapitalized while, at the same time, protecty consumers from skyrocketing premiums. Without the cap, policyholdersw would have seen ratesnearlh double. However, lawmakers did not addrese the question oflowering rates.
That becamwe an issue of contentionat Wednesday’s and board members agreed to allow for a decrease in premiumsw of up to 10 percent, if “There was some discussion about how to address that, taking into consideration the need for Citizensd to become a more financially stable entity,” Kuczwansk i said. The next step is for the recommendes new rate structure to be presented tothe , whic can approve or adjust the request.
Because it’sz a state-run agency, Citizens woul d not have the rightto appeal, Kuczwanski