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31 Nova L. Rev. 527 (2006-2007)
Responsibility for the Restoration of the Hurricane Insurance Industry: Business Proposal or State Solution

handle is hein.journals/novalr31 and id is 533 raw text is: RESPONSIBILITY FOR THE RESTORATION OF THE HURRICANE INSURANCE INDUSTRY: BUSINESS PROPOSAL OR STATE SOLUTION? SARA ELIZABETH GRADITOR I. INTRODUCTION ............................................................................... 527 II. INSURANCE: THE BUSINESS THAT CANNOT AFFORD PRO TECTION ................................................................................... 528 A . The Industry ...................................................................... 528 B. Florida's Response ........................................................... 530 III. THE IMPORTANCE OF REINSURANCE ............................................. 532 A . R einsurance ....................................................................... 532 B. The Florida Hurricane Catastrophe Fund ........................ 534 IV . THE H ARD TRUTH .......................................................................... 536 V. THE PREEMPTION OF A VERY OLD STATUTE ................................. 538 A. Florida's Valued Policy Law ............................................ 538 B. The State Controversy ....................................................... 540 C. Federal Preemption .......................................................... 541 VI. INTENTIONS, PLANS, PROPOSALS, & PROBLEMS ........................... 543 VII. FLORIDA STANDS ALONE ............................................................... 546 V III. C ON CLUSION .................................................................................. 548 I. INTRODUCTION The concept of the free market has been honored throughout the history of the United States as advancing our economy by promoting competition.' While the free market is an integral part of American culture, difficulty de- velops when business practices overlap with public policy concerns.2 Insur- ance companies that provide hurricane coverage are in business to make a * J.D. Candidate, May 2008, Nova Southeastern University, Shepard Broad Law Cen- ter. Sara Graditor has a B.S. in Business Administration with a concentration in Marketing from the University of Central Florida. She would like to thank her mother Linda and father Warren as she is very grateful for their limitless support and unconditional love. She gives a very special recognition to Senator Walter Skip Campbell for his help in developing issues and contributing to the research for her article. The author wishes to express her great appre- ciation for all the hard work of her colleagues at Nova Law Review and the faculty of the Law Center, especially Professor Marilyn Blumberg Cane for her suggestions and guidance. 1. See Katherine Swartz, Justifying Government as the Backstop in Health Insurance Markets, 2 YALE J. HEALTH POL'Y L. & ETHics 89 (2001). 2. See id.

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