With less than a week to go in the 2016 legislative session AOB reform is, again, dying. There’s a small chance of something limited. Banning referral fees and kickbacks for example. But… most industry lobbyists are prepared to scuttle anything limited only to referral fee’s without reforming attorney fees and AOB. [Read more…]
The problem with an insurer rating agency that confirms the suspicions of those who don’t understand insurance is that it becomes the de facto standard. The Palm Beach Post, the Herald Tribune, The Tampa Times and reporters like Charles Elmore, Daniel Ruth, Jeff Harrington and others, have spread fear using bogus ratings from Jupiter based, Weiss Ratings, Inc. [Read more…]
Had a far ranging conversation recently with a friend and lobbyist regarding Florida’s domestic property carriers. He asked… “What can we do about agents that keep telling their clients domestic insurer’s are thinly capitalized?”
First, I reminded him that independent agents would never intentionally deride carrier’s in which they’ve placed clients. Makes no sense.
But, here’s the rub. [Read more…]
A recent article in the Insurance Journal, “Florida Agents Concerned About Homeowners Choice Contract”, touched so lightly on issues basic to the independent agent delivery system that many, obviously those at Homeowners Choice, may not fully recognize what’s at stake.
It reminded me of trying to explain to lawmakers that agents own their book of business or why the policyholders’ information “belongs” to, or is owned by, the agent. Reactions to my explanations ranged from incredulity to blank stares.
Perhaps more compelling, especially for agents who would sign a contract like the one Homeowners Choice offered, is…“why does ownership of information matter?” [Read more…]