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TAMPA, Fla. (WFLA) — Florida Insurance Commissioner Mike Jaworski has ordered penalties against two insurance companies for their claims handling practices during recent hurricanes.
On Monday, the Florida Department of Insurance Regulation announced a $250,000 fine against Kin Interinsurance Network and Slide Insurance Company for the way they handled insurance claims from Florida residents in the aftermath of Hurricanes Ian and Idalia.
“Claims management must always be efficient and fair, especially after a hurricane,” Jaworski said in a statement. “I have said it before and I will say it again, the Insurance Regulatory Authority takes consumer protection very seriously. I implore all insurers to review their practices and perform to the high standards we expect. I am extremely proud of our team’s efforts to hold them accountable, and I would like to commend them for their efforts. OIR’s Market Conduct Division has initiated more than 100 investigations, completed more than 340 investigations, and secured $14.5 million in consumer restitution.”
The bureau’s Market Conduct Division found that Kin failed to file disclosure statements for both hurricanes and failed to pay insurance claims within 90 days of Hurricane Ian. The department determined that Slide used an unappointed adjuster and failed to file a disclosure statement regarding the hurricane.
“As Chief Financial Officer, I have promised all Floridians that I will advocate for policyholders and hold insurance companies accountable for the contracts they sign,” Chief Financial Officer Blaise Ingoglia said in a statement. “After a storm, the last thing a policyholder should have to deal with is an insurance company that doesn’t honor its termination. I will continue to work with the Office of Insurance Regulation to ensure that Florida’s insurance market works for policyholders and that insurers comply with policyholder requirements.”
