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Miami lawmaker: Citizens insurance should cut millions in costs before raising premiums

Citizens Property Insurance spent more than $2.4 billion over five years on legal costs for claims. That’s according to information obtained by Rep. Frank Artiles, R-Miami, who criticized the state-run insurer for fighting claims, saying it’s “subsidizing the legal community.” In a letter to the Sun Sentinel, Artiles said that Citizens’ should not be spending…

Citizens Property Insurance Considers Shrinking

Citizens Property Insurance’s board gave an early green light late Monday to recommendations to help the state-backed insurer downsize its size and financial risk to Floridians. Many of the proposals would allow it to shrink and effectively raise rates without changing any laws. Some require legislation but it’s unlikely lawmakers will approve a property insurance…

Florida to Shut Down Insolvent Northern Capital

Florida insurance officials have moved to shut down Northern Capital Insurance Co. after concluding that the firm is insolvent. The Office of Insurance Regulation (OIR) made an official request to the state’s Department of Financial Services (DFS) to initiate delinquency proceedings on Wednesday. Northern Capital CEO Wayne Fletcher and company directors signed an order consenting…

Do insurers funnel Florida funds to parent companies while claiming need to raise rates?

Wake up and good morning. Remember when Florida’s elected leaders used to stand up against the property insurance industry’s relentless drumbeat that higher rates were the only answer to “fixing” this state’s crumbling homeowners’ insurance problems? Even after what is four-plus years with no hurricanes, the insurance industry’s mantra is unchanged: We are not charging…

Florida Insurers’ Fees To Affiliates Questioned

Consumer advocates call for more scrutiny as insurers report losses and request rate hikes By Julie Patel, Sun Sentinel Florida property insurers are pressing state legislators to allow them to raise rates without regulator approval, citing losses in recent years. But consumer advocates and regulators question the legitimacy of the losses after four hurricane-free years…

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