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RESOLUTION 2007-001 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, URGING THE FLORIDA STATE <br />LEGISLATURE TO ADDRESS IN THE SPECIAL <br />SESSION BEGINNING JANUARY 16, 2007, THE <br />EXTREME INSURANCE RATE INCREASES <br />IMPOSED UPON THE RESIDENTS AND BUSINESS <br />OWNERS IN FLORIDA. <br />WHEREAS, the residents and business owners of Indian River County <br />have been burdened with insurance rate increases that affect the economic <br />welfare of the County, and <br />WHEREAS, residents and business owners throughout the State of <br />Florida are struggling with drastic increases with the cost of insurance; and <br />WHEREAS, soaring insurance rates have forced some senior citizens on <br />fixed incomes to forego insurance coverage and young families are losing their <br />homes or facing extraordinary financial challenges to remain homeowners, while <br />business owners . are faced with decreasing profits and increased operating <br />costs; and <br />WHEREAS, the 2006 Florida Legislature passed Senate Bill 1980, which <br />imposed a requirement on Citizens Property Insurance Corporation to charge <br />policy holders with the cost of reinsurance to cover the 70 year storm event; and <br />WHEREAS, Indian River County, and neighboring counties on the <br />Treasure Coast, are subject to additional insurance rate increases due to this <br />reinsurance requirement; and <br />WHEREAS, the Governor's Property and Casualty Insurance Reform <br />Committee has proposed recommendations for consideration by the Florida <br />Legislature to address the insurance crisis; and <br />WHEREAS, a legislative special session is necessary to amend SB 1980 <br />and to adopt the Committee's recommendations so as to provide expeditious <br />relief of the insurance crisis to the residents and business owners of Florida, <br />F:Wttorney\Bill\Resolutions\adopt governors insurance reform comm.doc <br />