|Published:||May 25, 2013 8:36 PM EDT|
|Updated:||May 25, 2013 8:36 PM EDT|
TALLAHASSEE, Fla. (AP) - Florida House Speaker Will Weatherford says he has serious concerns about a unique deal involving the state's largest property insurer.
Weatherford on Friday questioned an arrangement where Heritage Property Insurance and Casualty will receive $52 million to absorb 60,000 policies now held by Citizens Property Insurance Corp.
The deal was narrowly approved by the Citizens board earlier this week.
In a statement Weatherford said the deal was pushed through "hastily" and said it displays a "lack of understanding" about Citizens role.
Citizens officials have defended the deal as a way to help shrink the size of the state-created insurer.
Weatherford, R-Wesley Chapel, isn't the only one is who questioning the deal. Rep. Mike Fasano, R-New Port Richey, on Friday blasted Heritage deal as "corporate welfare."
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