The Governor of the US State of Florida is in hot water, caught in between infighting between lawmakers and national insurance company reps who are fighting for deregulation of the insurance industry. The insurance industry was placed under regulation when the sub-prime lending market collapsed giving way to the economic turmoil we are all in today. Since then, the industry has been fighting to regain the control they have had in the past and with the State governor set to veto the bill to deregulate the industry, he is going to be assured of less support in the next elections.
The insurance industry used to have full control and reign when it comes to their laws and regulations, imposed and deliberated on by a group of industry appointed members that forms the mediation board. The many insurance companies that have collapsed has also resulted in the regulation of the industry. The insurance industry has been finding it hard to deal with the recession and are fighting to survive since they bore the brunt of the financial crisis.