Florida Insurance Commissioner Kevin McCarty said Monday he expects that rolling back home and condominium insurance regulation will trigger “substantial” rate increases and won’t keep insurers in Florida – the reason many lawmakers support it.

“Not a single company has indicated to me a willingness to either stay in Florida or write new business if this proposal is adopted,” he said in a statement.

The pending deregulation legislation would allow large insurers to sell essentially unregulated home and condo insurance policies at whatever price they want. The House of Representatives passed its bill last week by a 105-13 margin and the Senate plans to discuss its version Tuesday.

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