Florida Office of Insurance Regulation

A 14.2 percent increase this year would require the approval of the Office of Insurance Regulation before it could take effect.

Kevin Altmaier, who has been Florida's top insurance regulator since 2016, submitted his resignation on Thursday. He did not give a reason for his departure.

The Republican proposal passed Tuesday comes during the GOP-led Legislature’s second special session this year aimed at stabilizing the property insurance market. The bill would create a $1 billion reinsurance fund, reduce litigation costs and compel some customers to leave a state-created insurer.

Next week, Florida lawmakers will try to fix the state's broken property insurance market outside the regular 60-day legislative session for the second time this year.

It would lift a $700,000 cap on policies as homeowners struggle to find coverage.

Citizens Property Insurance Corp. would take on a reinsurance role to help make sure claims get paid if private insurers go insolvent.

DeSantis did not provide details of changes he expects lawmakers to pass during the special session, which begins May 23.

The requested 11% increase aims to reduce the gap between the rates of Citizens and private insurers.

The U.S. Department of Health and Human Services would need to review and finalize those premiums, so that number could change.

Several Democrats have expressed concern that the plan would drive up premium costs for low-income Floridians who already struggle to make payments.

It would be the fourth straight year of premium decreases for employers.

Pointing to claims for water damage, two property insurance companies Friday asked state regulators to approve average rate increases topping 26…