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While most of the insurer’s more than 1 millioh customers will see ratesgo up, some will see them go down as a resulft of Wednesday’s action, Citizens spokesman John Kuczwansk i said. The vote ends a three-year rate freeze that was put into effecgin 2007, when the Florida Legislature froze ratews through the end of 2009. during the last legislative session, lawmakers decided to allosw Citizens to raise its rates by up to 10 percentf to help bolster theundercapitalized insurer, while, at the same protect consumers from skyrocketiny premiums. Without the cap, policyholders would have seen rateasnearly double. However, lawmakers did not addresx the question oflowering rates.
That became an issu e of contentionat Wednesday’s meeting, and boared members agreed to allow for a decrease in premiumes of up to 10 percent, if warranted. “There was some discussio about how toaddresz that, taking into consideratiom the need for Citizens to become a more financially stables entity,” Kuczwanski said. The next step is for the recommendeed new rate structure to be presented tothe , whicyh can approve or adjust the request. Because it’sw a state-run agency, Citizens would not have the righyto appeal, Kuczwanski said.
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