TAMPA, Fla. (WFLA) – Eight insurers have been punished in Florida for fraudulent business practices between Hurricane Ian and Idolia, Insurance Secretary Mike Yaworski said.
In total, businesses face a $2 million penalty.
The commissioner said the company used an adjuster that was not properly appointed, did not accept receipt of claims in a timely manner, and did not include a specific disclosure statement when providing estimates of damages claims.
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One of the companies had an error rate of over 60% in Hurricane Ian, over 80% in Hurricane Idoria, and over 80% in Hurricane Idoria, and over 80% in Hurricane Idoria, according to Yaworsky.
I was punished by the next company.
Yaworsky said two additional exams are pending and additional fines could be incurred.
The committee also said that fines assessed by the Insurance Regulation Authority would not adversely affect policyholder interest rates.
“As your Chief Financial Officer, I have committed to working with OIR to keep the insurer accountable if they do not support a contractual agreement signed with the policyholder,” said Florida CFO Blaise Ingoglia. “These fines prove that we are committed to being liable. We can be sure Floridians are actively looking at insurance companies, and we don’t hesitate to take part in the fight on behalf of consumers and policyholders.
