INSURANCE

Florida Governor Signs Insurance Bond Bill: Florida Gov. Lawton Chiles signed into law a bill authorizing a tax-free bond issue of as much as $500 million to help the insurance industry pay claims to policyholders with failed insurers. Seven insurance companies operating in Florida have become insolvent recently because of Hurricane Andrew, leaving about 16,000 Florida policyholders with unpaid property claims. The bill, passed Friday in a special session of the Legislature, also provides for a bond anticipation note of as much as $150 million that would begin providing money around Christmas. This money would be borrowed from financial institutions and repaid by the bond.