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Please call  Lee from Calles Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer

State Finds Florida Specialty Insurance Insolvent; 90K Homeowners Lose Coverage

Florida personal lines insurer Florida Specialty Insurance Co. (FSIC) has been ordered into receivership and will be liquidated after state regulators determined the company is insolvent and unable to establish a viable business plan moving forward.

The Florida Department of Financial Services has been appointed as the receiver and the insurer’s more than 90,000 policyholders have been notified to find a new insurance company immediately. DFS has also alerted agents to assist their policyholders with finding new coverage

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Please call  Lee from Calles Financial at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Catastrophe modeling firms Karen Clark & Co. and RMS have released insured loss estimates for Hurricane Dorian, ranging from $500 million to $1.5 billion.

According to KCC, Dorian reached peak intensity of 185 mph while over the Bahamas, one of only four storms in the Atlantic basin since 1900 to reach this intensity.

In the U.S., Dorian made landfall off the coast of Cape Hatteras, North Carolina, on Sept. 6 as a Category 1 hurricane with maximum sustained winds of 90 mph. It brought some heavy rains and storm surge to the coast of South Carolina, but nothing like what was originally anticipated when it began heading towards the Southeast coast as a Category 3.

It ultimately stayed mostly offshore, bringing some flooding and damage but mostly sparing the region – a dramatic difference than what Dorian did to the Bahamas where it hit several islands with 210 mph winds.

“While Dorian caused material damage in several states, the overall impact to the U.S. could have been much worse had the storm taken a different track,” said Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models. “We were fortunate that the majority of Dorian’s damaging winds and storm surge remained offshore as it tracked along the U.S. coastline, before weakening, and eventually making landfall in North Carolina.”

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https://www.insurancejournal.com/news/southeast/2019/09/17/540133.htm

Please call  Lee from Calle Financial, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

A former Miami insurance agent has been arrested for allegedly stealing more than $1.7 million in insurance premiums from two insurance premium finance companies, according a statement from Florida CFO Jimmy Patronis.

Antonio Jesus Zoghbi, owner of Florida Insurance Agency of Miami, is accused of using fraudulent and stolen identities to submit fake premium finance contracts and divert policy funds into his business account.

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https://www.insurancejournal.com/news/southeast/2019/07/15/532177.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Lot’s of bills to not only see what passed, but what did not pass, what is pending, what is close & why we have to wait. Please read the full article below & be informed.

https://www.insurancejournal.com/news/southeast/2019/06/27/530569.htm

 

 

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Nine individuals and business owners have been arrested for their alleged involvement in a large-scale organized scheme to defraud insurance companies out of more than $600,000 in fraudulent insurance claims, according to a statement from Florida CFO Jimmy Patronis.

The arrests came after a year-long joint insurance fraud investigation dubbed “Operation Rubicon” that included fraud detectives with the Florida Department of Financial Services, the Miami-Dade Police Department and Miami-Dade State Attorney Katherine Fernandez Rundle’s office.

The joint fraud investigation was initiated after several insurance companies notified authorities of suspected fraudulent residential insurance claims in the South Florida and Tampa areas. Detectives believe that The Rubicon Group, a public adjusting company owned by Barbara Maria Gonzalez, committed organized fraud and grand theft.

Gonzalez allegedly utilized the services of unscrupulous Florida companies, including water mitigation and restoration companies, insurance agencies and agents, appraisers, and willing homeowners to allegedly commit the fraud, DFS said. The investigation remains open and ongoing and more arrests are expected.

Patronis joined Rundle and Miami-Dade Police Department Director Juan J. Perez to announce the arrests at a press conference on Tuesday.

“Today, we arrested nine individuals who are the ringleaders of an elaborate fraud scheme, with more arrests to come,” Patronis said.

Those arrested include:

  • Barbara Maria Gonzalez
  • Rafael Exposito
  • Rigoberto Lopez
  • Ricardo Alvarez
  • Jose Gonzalez
  • Romy Valdespino Rodriguez
  • Alessandra Kruger
  • Alicia Pardey
  • Ricardo Tello

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/05/02/525286.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

A licensed Miami insurance agent has been arrested after she allegedly obtained and transferred more than 300 homeowner insurance policies without homeowners’ knowledge or consent and pocketed nearly $476,000 from the policy premium differences in this scheme, according to a statement from Florida Chief Financial Officer Jimmy Patronis.

Claudia Odila Romoleroux, owner of RND Insurance Corporation, is accused of fraudulently obtaining more than $877,000 in premiums for 307 homeowners policies.

Romoleroux’s alleged scheme including supplying mortgage companies with fraudulent documents and requesting the homeowners’ escrow money be sent to her business account to pay for new policies. Unbeknownst to these homeowners, Romoleroux allegedly used a portion of that money to pay for cheaper policies with inadequate coverage. Through this alleged fraud impacting homeowners and leaving them vulnerable, Romoleroux pocketed nearly $476,000.

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https://www.insurancejournal.com/news/southeast/2019/04/17/524044.htm

Please call  Lee from L & S Insurance, Inc. Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to them.

Two bills seeking to change the way Florida surplus lines business is handled are currently working their way through the Florida State Legislature and advocates say the potential laws could bring much needed efficiency to the state’s surplus lines market.

The bills – Senate 538 and House Bill 387 – propose small changes with potentially large effects on Florida surplus lines agents. The bills were introduced by Senator Jeff Brandes, R- St. Petersburg, and Representative Colleen Burton, R-Florida, respectively.

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https://www.insurancejournal.com/news/southeast/2019/04/09/523091.htm

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