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State regulator sees hope, more work ahead on property insurance

By Kathy Bushouse | South Florida Sun-Sentinel
October 21, 2007

Florida got through 2006 and most of 2007 without a hurricane, but a Category 5 insurance storm continues churning in Tallahassee.

Just last week, Allstate Insurance Co. became the latest company compelled to turn over its books to state regulators investigating a possible scheme by Florida property insurance companies to keep prices high. With Gov. Charlie Crist by his side, Insurance Commissioner Kevin McCarty vowed vigilance in making sure homeowners get the savings they're supposed to on their insurance bills.

As both sides continue battling, will the state's fragile property insurance market right itself any time soon? Will rates continue to climb? McCarty sat for an interview Wednesday while in Fort Lauderdale for a meeting of the International Association of Insurance Supervisors.