Insurance Law

If a hurricane did $28 billion in damage to Florida, the state might have to issue $20 billion in bonds. That would mean putting a special assessment on homeowners and business to the tune of $1.7 billion a year for 30 years, [State CFO Alex] Sink said.

The state must spread some of that risk to private insurers, she said.

There are a number of ways to do this.  The number one way would be let the market set the price.  It will attract capital.  A second way would be to get Citizens out of the business of competing with the private market. 

Link: www2.tbo.com.

In addition, that assessment would not just go to homeowners it would go to all other purchasers of insurance (except maybe medical malpractice).