Florida’s Governor Charlie Crist and his cabinet on Tuesday approved the sale of $710 million in bonds to pay for hurricane claims dating back to 2005. The vote is the latest installment in what has been ongoing liability as claims continue to flood in from the last major hurricane season to hit the state.
Cabinet members balked earlier this year when state financiers first came to the panel for approval.
On Tuesday, the panel heard from State Board of Administration executive director Ash Williams, who outlined the pressing need and steps taken to prevent fraud.
Insurers has been watching the issue closely as a failure to float the bonds could send shock waves throughout the reinsurance market less than two months before hurricane season begins.
Source: News Service Florida
