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Florida’s Southern Oak Told to Correct Its Business Plan; Other Companies Are Being Examined
Florida’s Southern Oak Insurance Co. has some explaining to do and several other of the state’s property insurers may be soon to follow.
The Florida Office of Insurance Regulation has ordered the Jacksonville, Fla.-based, take-out company to submit a corrective action plan to regulators to address concerns about reinsurance, managing general agents and exposure.
The OIR is reviewing annual financial statements of all companies and “is currently conducting examinations of a few companies, including the review of MGA agreements,” said Brittany Benner, spokeswoman for the OIR, which “intends to conclude these examinations, taking corrective action if necessary, prior to the 2010 hurricane season,” she said.
Benner said the OIR cannot disclose the names of the companies being examined.
