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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…

Appeals Court Affirms State Farm Denial For Increase

A Florida appeals court affirmed an administrative judge’s ruling that allows the state’s Insurance Commissioner Kevin McCarty to deny a homeowners insurance rate increase to State Farm. Without comment, Florida’s District Court of Appeals, First District, in Tallahassee, yesterday affirmed the commissioner’s denial. A reverse decision could have increased rates by as much as 67…

Universal Insurance Holdings To Launch Second Fla. Subsidiary

Florida ‘s Office of Insurance Regulation (OIR) has approved Universal Insurance Holdings’ application to form a second property-casualty insurance subsidiary to write coverages for certain homes. Universal said the new company, American Platinum Property and Casualty Insurance Company, will write homeowners’ multiperil and inland marine coverages on homes valued in excess of $1 million, which…

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