TALLAHASSEE (CBSMiami) – A proposal to shrink behemoth, state-backed Citizens Property Insurance Corp. was introduced to a Senate committee Wednesday.

Supporters hope it will drive policies into the private insurance market, reports the News Service of Florida.

The proposal could affect insurance rates and also aims to prevent homeowners from getting coverage from Citizens if private companies offer similarly priced policies. Senate Banking and Insurance Chairman David Simmons, R-Maitland, said he wants to make sure there is a “free market” for people to buy insurance.

“The purpose of this is to benefit the residents of the state of Florida. It’s not to do anything but that,” Simmons told NSF. “We know what we’ve got isn’t working.”

The draft, released Tuesday, will come back to the Banking and Insurance Committee later this month. Simmons said he is looking for committee members to make suggestions that could lead to changes in the proposal.

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