Blog: Legislation

On April 17, Florida Insurance Commissioner Kevin McCarty released a memo to all insurance providers active in the state, reminding them to credit or waive deductibles for the claims of crime victims in accordance with a 1994 law. McCarty’s memo comes at the strong urging of Attorney General Pam Bondi, whose office of Law Enforcement…

The Fort Lauderdale Sun Sentinel’s regular insurance reporter, Julie Patel wrote this week (June 28, 2012) that Florida-based home insurers reported a net income (that’s after they deducted their expenses) of nearly $78.7 million in the first quarter of 2012. This was reported by Florida Insurance Commissioner Kevin McCarty, who should not be able to…

Lobbyists for the Florida property insurance industry are continually trying to curtail access to public industry adjusters for policyholders by convincing lawmakers to pass all sorts of restrictive laws. In a long-standing case that had reached the Florida Supreme Court, policyholders finally won the right to be solicited within the first 48 house after a…

Despite the supposed 10% annual caps on rate increases that are supposed to be in place for Florida property insurance companies, company after company gets away with increasing their rates by bedding down with Governor Rick Scott and the heavily Republican State Legislature. As reported on June 27, 2012 by regular insurance writer, Julie Patel…

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…

LEGISLATURE: Compromise would let insurers raise rates by up to 10% a year TALLAHASSEE – The effort by Sen. Mike Bennett, R-Bradenton, to allow insurance companies in Florida to set their own rates appears doomed just two weeks into the legislative session, done in by election-year politics and the threat of a veto by Gov.…

Southern Oak Insurance Co.’s high profits and management fees are limiting its ability to build claims-paying reserves, according to the Office of Insurance Regulation. Regulators threatened to suspend or revoke the company’s license by the end of the month if it doesn’t address their concern that its management agreement with its affiliate — Southern Oak…

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…

In February, 2009, my home caught on fire. It was devastating for my family. We had insurance. You get a false sense of security with insurance. If you think your insurance company is going to do right by you, think again. The insurance adjuster is not there to be your “friend.” Insurance adjusters are trained…

A state audit released in January could spark a fierce legislative battle this spring and raises additional concerns about the viability of both Citizens Property Insurance Corp. and the Florida Hurricane Catastrophe Fund (Cat Fund). State auditors found that Citizens’ policyholders who hire public adjusters wind up getting more money for their claims than those…