A state lawmaker has called for a special inquiry into the profits of insurance companies.

Florida House Speaker Daniel Perez announced Tuesday that he is forming a committee to investigate allegations that insurers are shifting billions in profits to other accounts and companies while publicly reporting losses.

“I have directed the insurance and banking subcommittees to hold hearings,” Perez said. “They will have full authority to issue subpoenas, place individuals under oath, and hire outside experts.”

House Democratic Leader Fentrice Driskell echoed concerns over rising costs.

“Voters are deeply worried about affordability,” she said. “Frankly, Florida is becoming too expensive for too many residents. We must work to rein in property insurance rates and lower costs for all Floridians.”

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(Image credit: Michael Moline/Florida Phoenix)

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