Poly Pipes


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.

Just over a week into the 2019 legislative session, insurance industry-supported bills aimed at reforming Florida assignment of benefits (AOB) abuse are making progress in the state legislature.

Lawmakers in the Florida House of Representatives and Senate have each advanced legislation that Florida’s insurance regulator, industry and consumers advocates say would help stem the tide of abuse that is spreading statewide and leading to higher rates for consumers.

And both bills tackle the number one issue that AOB reform advocates say is fueling the abuse: Florida’s one-way attorney fee statute.

Pressure from the state’s insurance regulator and new governor may be helping to move things along in what is now the seventh year the issue has been before state lawmakers.

“AOB abuse has an adverse impact on our consumers and directly undermines the ability of Floridians to have reliable insurance products available at affordable prices. I will remain a vocal proponent of measures that stem AOB abuse and protects consumers from the abusive tactics exhibited by bad actors who exploit Florida’s unique attorney fee structure,” Florida Insurance Commissioner David Altmaier said after the passage of a bill by a Florida House committee last week.

Florida’s new governor Ron DeSantis has weighed in on the issue at his first state of the state on March 5, saying, “There are areas where Florida can do better. I hope the Legislature passes legislation to reform the issue of AOB, which has become a racket.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/03/15/520750.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.

Companies can be shut down or be told to non renew a large book of their business. This will be a huge problem for so many of his happens.

After reviewing the year-end financial statements of the Florida-based carriers it rates, Ohio-based ratings agency Demotech is warning that many insurers could see underwriting and operating losses in their year-end financial statements and that those insurers should be prepared to shore up and strengthen their reserves going forward.

“Florida has experienced three straight years of storms, as well as an [AOB] issue and other court issues – it’s a complex environment,” said Demotech President Joe Petrelli.

On Feb. 18, Demotech announced it had affirmed the Financial Stability Ratings (FSRs) of 51 of the 52 Florida-focused carriers it rates prior to the public release of their year-end financial statements, saying the companies had demonstrated to Demotech realistic estimates of gross and net loss and loss adjustment expense reserves related to claims arising from 2017’s Hurricane Irma and 2018’s Hurricane Michael and that their reinsurance was of “sufficient quality and quantity to expect reimbursement for outstanding losses and loss adjustment expenses…”

Despite these Florida-focused insurers having their ratings affirmed, on Feb. 28 Demotech said underwriting and operating losses should be anticipated from the year-end financial statements of many Florida carriers.

“Matthew, Irma and Michael represented a named event for each of the past three years,” the statement from Demotech said. “Operating profits proved to be elusive for many.”

Demotech further stated that going forward insurers will need to strengthen their loss and loss adjustment expense reserves to deal with the “difficult operational environment associated with assignment of benefits [AOB] and other judicial precedents that expanded insurer liability…”

Please enjoy the full article below;

Despite these Florida-focused insurers having their ratings affirmed, on Feb. 28 Demotech said underwriting and operating losses should be anticipated from the year-end financial statements of many Florida carriers.

“Matthew, Irma and Michael represented a named event for each of the past three years,” the statement from Demotech said. “Operating profits proved to be elusive for many.”

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

Florida Chief Financial Officer (CFO) Jimmy Patronis has announced a new initiative aimed at reducing fraud in the state.

According to a statement from the Florida Department of Financial Services, the “Fraud Free Florida” initiative will work to better coordinate collective investigative efforts to protect Florida’s large population, especially seniors, from “scam artists.”

“Florida currently ranks first in fraud and second in identity theft nationwide. In 2017, identity theft cost Americans nearly $905 million,” Patronis said. “This is unacceptable, and we must use innovative ways to stay two steps ahead of criminals who want to take your identity, steal money from families who need it, and prey on vulnerable Floridians.”

Fraud Free Florida will bring together statewide law enforcement officials, local state attorneys, private sector stakeholders, and members of CFO Patronis’ fraud investigative teams. The goal will be to help Florida stay ahead of new scams and take on fraud already taking place in the state including: fraud at unscrupulous opioid treatment centers, public assistance fraud, identity theft, and cybersecurity issues.

Patronis noted fraud is especially rampant after every hurricane, when “millions of dollars are stolen as crooks prey on Florida families in their time of need to make a quick buck.

https://www.insurancejournal.com/news/southeast/2019/03/05/519550.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

The push for assignment of benefits (AOB) reform in the 2019 Florida legislative session is in full swing, and the insurance industry and consumer advocates have pulled out all the stops to emphasize their contention that abuse of a policyholder benefit has led to a full-blown insurance crisis in the state.

Whether their efforts will be enough this year after six years of failed reform attempts remains to be seen. Lawmakers are weighing legislative options, but a bil

The industry isn’t giving up on what is its top issue in the 2019 session.

“We remain hopeful of the process and that members of the [Florida] Senate and House will work through the various issues that have been raised and will land on a piece of legislation that will be helpful for consumers and that actually address these issues,” said Michael Carlson, president of the Personal Insurance Federation of Florida (PIFF), which represents personal lines insurers in the state.

The AOB problem in Florida stems from unlicensed water remediation and roofing contractors who have homeowners sign over their insurance policy rights in exchange for repairs to their homes. The contractors, typically working with an attorney, file inflated or fake claims, and then pursue lawsuits against insurers when those claims are disputed or denied.

Florida’s one-way attorney fee statute, which the insurance industry, consumer advocates and the state’s insurance regulator agree is driving the AOB abuse, leaves insurers footing the bill for the inflated claims and the attorney fees if the insurer is found to have underpaid the claim by any amount.

“After six or seven years of this campaign to make changes and having looked at this issue from several different vantage points and a lot of data the industry has concluded this is an attorney fee-driven cottage industry,” said Carlson.

The current remedy supported by the industry and Florida’s insurance regulator was introduced by Florida Senator Doug Broxson, who chairs the Senate Banking & Insurance Committee. Senate Bill 122 would continue to allow policyholders and beneficiaries to recover attorney fees under Florida’s one-way attorney fee statute but would prohibit assignees from obtaining attorney fees.

l backed by the industry has already stalled in the Senate Banking & Insurance Committee.

 

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/02/28/518891.htm

 

Please remember to contact Lee at 954-351-1960 or 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life & Financial and Group Health quotes as well.

What is MAAC-Market accountability Advisory Committee. This is a committee of 9 people appointed from various associations in Florida including FAR and FAMB. What Citizens Insurance is doing, should be doing and how to improve what Citizens does is our role. We make recommendations to the actual board of Directors of citizens of which there are also 9 people, but they are appointed by the house, senate, Governor and others who have final say as to Citizens policy including rates. Since I have only attended my first meeting on 12/12/17, my information will grow over time. What I have learned and soon more will is that Citizens is changing and it looks for the better for the consumer. Training on programs like the new managed repair program & AOB are now mandatory for all appointed agents and not doing required training will mean you cannot do business with Citizens. Also, some agents intentionally misquote policies in several ways which can hurt a consumer and make the shopping for Insurance process more complicated, this will soon be rectified as a warning system which can take away the ability to do business with Citizens. These are all steps in the correct path and need to be expedited as more is coming. For Homeowners who currently have homes built from 1979-1994, you may have Poly Pipes in your home which Citizens has been accepting if the home is 30 years or less in age. That program will cease by the spring of 2018 which will make the sale and purchase of those homes more complicated. Lastly was the topic of reinsurance. This is very complicated, but Critical for Florida as most of our Florida based Carriers do not have the money to pay for a Hurricane Irma , Andrew or Wilma and reinsurance picks up the tab. This cost is currently about 60% of your total premium so it is huge. The carriers will now be required to keep more reinsurance and the new assumption could be ,” what if Irma hit Dade county and came up through the middle of the state, what would be the financial impact”. Understanding this and knowing that not only will each carrier need more reinsurance, but the costs are also increasing after the last 2 years, means that Home Insurance rates will also be rising and it could be very significant. It is so important for every Homeowner to shop Insurance rates each year to find the best coverage you can at the best rate and in that order. if you do not have the correct coverage then your claim will not be paid properly. I know the costs are sometimes high and tough, but remember that if you cannot afford the premium, you cannot afford the claim if it happens to you. Please be smart, and safe and feel free to contact me with any questions.

 

Thank you,

 

Lee

Next Page »