Florida's Chief Financial Officer says the state should stop underwriting hurricane risks since it did not result in lower insurance rates as promised.

Florida is on the hook for up to 28 billion dollars in hurricane losses.

The C-F-O is proposing getting out of the risky business because after two years of no storms, reinsurance rates for property insurers are coming down.

Alex Sink/FL CFO: "Do we really want to mortgage our future when there is an opportunity to spread this risk back out to the global market. Let's spread this risk out globally, as opposed to have it all, these billions of dollars, concentrated right here on the backs of Florida citizens."

Sink is also proposing putting the authority for the hurricane fund under the governor and cabinet.

Right now she has sole authority... And responsibility for the fund.

Hurricane Fund