Florida: insurance decisions keep getting stranger and stranger

I'm not sure what to think about Florida's possible decision to strip cash from the underfunded state-run insurer, as reported in the Miami Herald, and give it to start-up insurers that might blow away the first time a hurricane comes by. Well, yes I am sure -- the governing classes have lost their minds. Citizens Property was formerly the state insurer of last resort. However, due to the fact that regulators and lawmakers impose price controls more successfully on Citizens than on private insurers, it has to provide coverage at actuarially unsound rates -- officials know, of course, that ultimately Citizens is backed by the wallets of all insurance purchasers in the state, who are in line for a special surcharge on insurance premiums if a bailout is needed.Martin Grace has more at