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A jury has found Cantonment, Fla., insurance agent Randall Petersen guilty of racketeering and money laundering. An investigation by the Department of Financial Services’ Division of Insurance Fraud revealed that Petersen conspired with others during 2010 and 2011 using the business name College Consultants of the Gulf Coast to defraud insurance companies out of more than $891,000, according to a statement from the Chief Financial Officer Jeff Atwater. Sentencing is scheduled for May 22nd.

Petersen’s scheme enticed victims to attend employment seminars in Florida, Georgia and Mississippi using fraudulent job listings placed on Craigslist. When enough potential applicants were identified, the applicants were invited to the seminars where Petersen took their personal information and life insurance applications, which were presented as employee life insurance policies funded by payroll deductions.

http://www.insurancejournal.com/news/southeast/2015/04/14/364171.htm

Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

Florida Governor Rick Scott is looking for a replacement for the state’s top insurance regulator and has already contacted a potential candidate from Louisiana.

Scott’s office has confirmed that the governor contacted Ron Henderson, Louisiana deputy insurance commissioner for consumer advocacy, as a possible replacement for Florida’s current insurance commissioner, Kevin McCarty, who has headed the Office of Insurance Regulation (OIR) since 2003.

McCarty has reportedly been targeted for replacement as part a shake-up of top officials by Scott as he embarks on his second term.

In a letter to Chief Financial Officer Jeff Atwater, Scott called for new heads of the OIR, the Office of Financial Regulation and the Department of Revenue.

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http://www.insurancejournal.com/news/southeast/2015/01/27/355570.htm

Florida Chief Financial Officer Jeff Atwater announced the arrests of attorneys, chiropractors and clinic employees involved in an organized personal injury protection (PIP) fraud scheme.

Atwater said the five arrests were made in Martin, Miami-Dade and Palm Beach counties, following a year-long undercover investigation by the Florida Department of Financial Services’ Division of Insurance Fraud.

During the investigation, multiple undercover detectives were embedded into clinics that were accepting patients who were illegally solicited, according to officials. The officials allege that one clinic in particular was billing for services that were never rendered and on several occasions, patients were also found being coached to claim they were injured when they were not.

Please call L & S Insurance at 1-888-244-7400 for quotes on Home Insurance, Auto, Flood, Business & Commercial & Life & Financial products as well. Please enjoy the full article below.

http://www.insurancejournal.com/news/southeast/2014/10/31/345531.htm

As Florida seeks to revive its private home insurance market after almost a decade without a hurricane, homeowners are pouring $6 billion a year in premiums into a new generation of small, in-state insurance companies with an unproven record of withstanding a major hurricane.

A consumer-oriented rating agency, Weiss Ratings, recently awarded the companies a median grade of C-minus, and even without a major storm to drive up claims, 11 of them have already failed in Florida since 2006, according to state records.

“This is an accident waiting to happen,” said Gavin Magor, senior financial analyst with Weiss, a national agency with a reputation for tough ratings based in Jupiter, Florida.

Responding to the Weiss ratings, Robert Hartwig, president of the Insurance Information Institute, a trade association, said all the companies meet state regulations, noting that other rating agencies gave higher grades.

“Things are moving in the right direction for Florida in attracting private capital. The risk has been diversified and there’s clearly an appetite for this new risk,” said Hartwig.

Almost 80 per cent of Florida’s insured residential and commercial property, valued at about $3 trillion, lies in coastal areas vulnerable to both wind damage and flooding, according to risk modeling experts.

State officials have encouraged the growth of the private market in recent years, seeking to downsize the overloaded state-run Citizens Property Insurance Co., which ballooned as it took on policies after the major companies withdrew.

The major insurers have stayed away from Florida, saying state regulators require rates that are too low to make the risk of doing business profitable.

Citizens remains the single largest carrier in the state, with 14.5 percent market share.

I think we all know that what we have here in Florida is not what we want, but it is all we have. Citizens is not a great place to be and the Private market provides better policies and coverage so we need these new smaller carriers. We need them because the big carriers like State Farm, All State, GEICO, Progressive, Traveler’s, Liberty Mutual, Nationwide and even USAA have all stopped writing new business here in Florida. I think the real question is why is this being allowed when they write business in other states? They should be told to write all lines of business at some price or leave the state!!! No one is willing to tell them this and stand up to them so this is what we have left to deal with. Lawmakers in Tallahassee do not want to do things that make waves because this will not get them re-elected!!!
Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2014/09/11/340172.htm

Democrat Charlie Crist said he successfully reduced rising property insurance rates as governor and will do so again if elected, vowing to repeal a law enacted under Republican Gov. Rick Scott that he said provides weaker coverage at a higher price.

It’s a familiar theme for Crist, who campaigned in 2006 on a pledge to lower insurance rates that were skyrocketing after eight hurricanes battered Florida in two years. One of his first acts as governor was to call a special session to deal with rising rates. Lawmakers expanded the amount of state-sponsored reinsurance, which brought down costs for private carriers, and froze rates by the state-created Citizen’s Property Insurance Corp., which took on more policies as national companies backed away from Florida.

Minutes after Crist’s announcement, the Office of Insurance Regulation announced that it approved the removal of 428,000 policies from Citizens to private companies. In all, nearly 900,000 policies have been approved for removal as the state tries to reduce the number of Citizens policies. Customers can choose to remain with Citizens.

Scott signed a bill his first year in office designed to attract more insurance companies to Florida. Consumer advocates and legislative critics said it would raise rates by up to 15 percent while taking away benefits from customers. Crist vetoed a similar bill the year before.

Scott’s campaign criticized Crist’s insurance policies for putting more of a burden on state government.

“Florida taxpayers were left on the hook for billions and homeowners were left with fewer options to protect their property,” said Scott spokesman Matt Moon in an email to reporters. “Under Governor Scott, Florida has done the exact opposite, reforming and shrinking Citizens Insurance while giving consumers more choice and competition to protect their home.”

I am not a fan of either of them, but under Governor Scott, the Insurance Industry is definitely way more stabile than it has ever been and we have more carriers writing business than ever before! Please call L & S INsurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well. Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2014/09/08/339865.htm

Is this good or bad for Fort Lauderdale & S> Florida?? You decide! Please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial & Life & Financial products as well.

 

Citizens Property Insurance Corp. officials in a public hearing before the state’s Office of Insurance Regulation (OIR) painted a picture of an insurer that has downsized significantly while financially improving over the last several years.

Citizens President Barry Gilway said that the insurer in the past two years has gone from an entity “out of control” when it came to growth to one that is returning to being the insurer of last resort.

“I think we are at a better place than we have been in a decade,” said Gilway.

Regulators have 45 days in which to make a decision on the rate filing.

Gilway said that several factors are driving the proposed rate changes including the lack of any hurricane losses over the past eight years and five years of rate increases under the glide-path regulation that caps annual proposed rate increases at 10 percent.

According to Citizens documents, those factors have allowed the insurer to reach rate adequacy throughout the state with the exception of a few coastal counties where the insurer provides wind-only coverage.

As a result the insurer is requesting an average 5.8 percent decrease for homeowners multi-peril policies and a 3.8 percent average increase in homeowners wind-only policies.

Citizens Chief Risk Officer John Rollins said that barring a major storm, these trends should continue.

“There is so much uncertainty, so many unknowns,” said Gilway.

Gilway also said the insurer has achieved a level of stability due to the insurer’s ability to depopulate and secure reinsurance and catastrophic bonds at favorable rates.

Two years ago, Citizens had more than 1.5 million policies in force, which according to A.M. Best made it the ninth largest insurer in the country. At that point, the insurer’s personal lines and coastal accounts represented 24 percent of the Florida market; now that number has dropped to 16 percent.

Looking forward, Citizens expects that its policy count could equal less than 900,000 by year’s end depending on the success of planned take-outs by private insurers in November and December.

As a result of Citizens downsizing, its exposure had dropped more than 40 percent from a high of $500 billion to $300 billion, which means that the potential assessment risk on all Floridian citizens has declined from $11.6 billion in 2011 to $2.3 billion.

“I see nothing but coming but good news coming when it comes to taking the assessment burden off the back of Florida citizens,” said Gilway.

Gilway attributed that decrease to a number of factors including Citizens depopulation programs that have seen private insurers take out hundreds of thousands of policies out of the insurer.

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http://www.insurancejournal.com/news/southeast/2014/09/02/339189.htm

Florida’s state-backed property insurer’s proposed rate reduction is raising questions about whether it will make the insurer competitive with the private market.

Citizens Property Insurance Corp. recently proposed 2015 rates that include a statewide average 2.9 percent rate decrease on all residential policyholders.

If approved by regulators, seven in 10 Citizens personal lines policyholders will see a rate reduction next year. Th statewide average homeowners’ premium would drop from $2,538 to $2,379.

Not everyone, however, is greeting the proposed rate cut as good news.

Florida Property and Casualty Association Executive Director William Stander said he has heard rumblings through the industry over what the rate cut could mean for insurers’ expansion plans.

“I have heard some concerns among companies that Citizens’ rate trajectory potentially could interfere with their depopulation efforts,” said Stander.

Florida Association of Insurance Agents President Jeff Grady said that rate changes pitted what actuaries might calculate against public policy decisions. But just as a matter of perception, he said, any rate cut raises questions.

“It does seem to depart from the insurer of last resort having the highest rates,” Grady said.

As to the matter of competition, the state Office of Insurance Regulation approved 43 

Please call L & S  Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial, & Life & Financial products as well. Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2014/07/22/335477.htm

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