"(The loans) are going to be paid back,'' Reagan said. "It's not a grant. We're not stealing it from (Citizens). We're paying it back."--Rep. Ron Reagan, R-Bradenton
A quarter of a billion dollars that state-backed Citizens Property Insurance has set aside to pay claims could be moved to a fund that would instead lend the money to private insurers.
The transfer is part of the Florida House's budget bill and would revive a program established in 2006 that makes $250-million available as long-term, low-interest loans to new or recently established insurers.