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Will the Growing Abuse by Florida Property Insurance Companies Ever End? Apparently, It’s in the Hands of the Voters

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…

Florida Supreme Court Ruling is a Major Win for Property Insurance Consumers

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…

Florida Office of Insurance Regulation Appears to Rubber Stamp Virtually Any Rate Hike Requested by Property Insurance Companies

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…

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…

Insurers Under Scrutiny for “Excessive” Profit and Management Fees

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 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…

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