As I said in last week’s post about making sure any “watchdog” of Citizens is a “real Tiger”, Governor Scott was correct recommending an inspector general for Citizens management and internal affairs. Chief Financial Officer, Jeff Atwater, was also on the mark requesting that an “independent Inspector General” report directly to the Financial Services Commission (FSC), which is composed of Cabinet members and the Governor. [Read more...]
Ever hear the story about the German Shepherd that was more interested in playing with burglars than scaring them off? My family had such a “watchdog”–we made jokes about him wagging his tail at intruders and we nick named him “Tiger.” [Read more...]
The following letter from Citizen’s board member and actuary, John Rollins, speaks for itself and in my opinion is what Floridians need more of, the truth. It’s a response to Sean Shaw, but…to those who claim to care about what’s driving the underlying costs of Florida’s insurance system, the question will be…“What does this letter say to You?” [Read more...]
During the last Citizens board meeting (11/27/12) recent “allegations” and investigations into tawdry or illegal behavior at Citizens were reviewed in detail (click for video of the board workshop).
Based on what I heard, some in the media owe some at Citizens (or those who have left Citizens) an apology, but…I’m not holding my breath. [Read more...]
It finally happened–during a Citizens board meeting (11/27/12) convened in part to address pending ethics issues, someone (in this case, board member John Rollins) went out on a public limb by pointing to the really “bad actors” in Florida’s property market. [Read more...]
Last Tuesday the state Insurance Consumer Advocate (ICA) dispatched a letter to Insurance Commissioner, Kevin McCarty, requesting an investigation of Universal Property & Casualty’s claim practices. Citing examples of claim denials due to material misrepresentations on the original application, the letter states:
In the three cases that have been handled in my office, the policyholders have had insurance coverage with Universal Property and Casualty Insurance Company (Universal) for at least 18 months and up to four years and have had their policies cancelled or rescinded as of the original policy’s effective date for misrepresentation after they filed a claim. All cases involved previous financial issues such as bankruptcy or a lien which occurred up to four years before the consumer applied for insurance coverage with Universal. [Read more...]
While I’ve come to expect opposition from the media against almost anything that might lower Citizens assessment burden, it appears that at least one elected official, Representative Frank Artile’s (and others) and Sean Shaw’s group (Policyholder’s of Florida) may have already made up their minds about the Surplus Note program…they don’t like it! [Read more...]
The State Fire Marshall’s office and Division of Insurance Fraud have just completed their joint investigation of the infamous “Case of the Yellow Hammer”. Public Adjuster, Jorge Espinosa, used a yellow hammer on the floor in Angela Frye’s kitchen to inflate her small grease fire (and thus his fee) into a $70,000 fraud against Federal National Insurance Company. [Read more...]
Last month a federal judge dismissed the libel suit against former New York Governor, Elliot Spitzer, for an article he wrote in 2010 criticizing those charged in what has become known as the worst scandal to ever hit the insurance agency/brokerage system.
With this news I believe the ugliest of insurance stories is now over. [Read more...]