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.

Citizens Property Insurance Corp. plans to purchase approximately $200 million in traditional reinsurance coverage for the 2019 hurricane season to protect its Personal Lines Account (PLA) surplus it says is exposed to storm risk in areas located away from the coast.

The company said for the first time since 2005, Citizens will purchase traditional reinsurance for its PLA, which is comprised of 301,000 residential policies, most of which are not located along the coast. The reinsurance coverage will reduce Citizens’ PLA surplus exposure from 62 percent to 52 percent in the event of a 1-100 year storm.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/03/28/521996.htm

 

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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.

More than $40.5 million was recovered for Florida insurance consumers in 2018, including $17.4 million recovered for Hurricane Michael victims, by the state’s Insurance Consumer Helpline, according to a statement from Florida CFO Jimmy Patronis.

Patronis said the Florida Department of Financial Services Insurance Consumer Helpline (1-877-MY-FL-CFO) received more than 297,500 calls for assistance and opened more than 22,500 complaints on behalf of consumers last year.

 

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/03/22/521395.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 insurance agent out of Orlando, Fla., was arrested this month for allegedly submitting fraudulent insurance applications to multiple carriers, according to a statement from Florida CFO Jimmy Patronis.

Sheila De Lima Torres Tecchio with Enterprise Insurance Agency, Inc. is accused of preparing and submitting fraudulent insurance applications to multiple insurance carriers in an effort to defraud her customers out of insurance coverage and steal $16,763 in commissions

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2019/03/20/521114.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.

As lawmakers convene for the Florida Legislature for the 2019 Legislative Session, Sen. Doug Broxson (R-Gulf Breeze), an independent agent and member of the Florida Association of Insurance Agents (FAIA), has introduced a bill supported by the industry to reform a law that is being abused by attorneys and unscrupulous contractors

The current law provides that a policyholder who sues an insurance company for underpaying or denying a claim will not have to pay the insurance company’s attorney fees should the company win.

In theory, it levels the playing field for consumers who don’t have the financial resources to compete with a large insurance company.

In practice, it creates an environment ripe for abuse.

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https://www.insurancejournal.com/news/southeast/2019/03/19/520981.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…”

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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