Please call Lee @ Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial, & Life, Group  and financial products as well.

Florida Chief Financial Officer Jimmy Patronis has released a top 10 list of most wanted insurance fraud criminals and called on local communities to help with finding the individuals.

According to a statement from the Florida Department of Financial Services, each of the following individuals is wanted for various insurance-fraud related crimes:

  • Anthony Fitzgerald Phillips, last known address Fullerton, Calf.: Grand Theft.
  • Huberto Del Sol Puerto, last known address Hialeah/Miami, Fla.: Organized fraud ($50,000 or More), false and fraudulent insurance claims, grand theft (3rd Degree), money laundering, false statement (Jurisdiction of Department of State).
  • Gabriel Sanchez, last known address Miami, Fla.: Racketeering.
  • William Brenes, last known address Hillsborough County: Fraudulently presenting a false statement ($100,000 or more).
  • Jose Alexis Orellana Ramos, last known address North Lauderdale, Fla.: Organized fraud ($50,000 or more), grand theft (1st Degree, $100,000 or more), workers’ compensation fraud (Over $100,000).
  • Joseph J. Beckford, last known address Carrollton, Ga.: False and fraudulent insurance claim.
  • Bernardo Romero-Ortiz, last known address Orlando, Fla.: Workers’ compensation fraud ($100,000 or more); organized fraud.
  • Roland Terencio Delgado, last known address Coral Gables, Fla.: Racketeering, grand theft (2 Counts).
  • Paul Emmanuel Pierre, last known address Orlando, Fla.: Racketeering, false and fraudulent insurance claim.
  • Javier Lopez Rivero, last known address Miami, Fla.: Racketeering, grand theft, false and fraudulent insurance claims.

Please enjoy the full article below

https://www.insurancejournal.com/news/southeast/2018/04/18/486707.htm

 

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Please call Lee Gorodetsky at 954-270-7966 for free quotes and information about Home Insurance, Auto, Flood, Private Flood car, Business & Commercial & Life , group & Financial products as well.

In another step shifting risk to private markets, the Federal Emergency Management Agency (FEMA) said it intends to secure additional reinsurance for the National Flood Insurance Program (NFIP) through issuance of a catastrophe bond.

FEMA began purchasing private reinsurance in 2017 and recovered $1.042 billion from the private markets due to losses from Hurricane Harvey. In early January 2018, FEMA continued the practice by securing $1.46 billion in reinsurance from 28 private reinsurers to cover any qualifying NFIP flood losses in excess of $4 billion per event occurring in calendar year 2018.

FEMA said it now plans to transfer additional risk by engaging the capital markets for the first time through an insurance-linked securities (ILS) transaction on or about July 1, 2018.

Adding this new resource will enable FEMA to transfer risk through two avenues – the traditional reinsurance markets and the capital markets. Wright said that using both markets will create more competition and reduce the NFIP’s risk transfer costs. It will also enable FEMA to access greater market capacity and spread its risk across a more diverse pool of companies and investors, according to the announcement.

“The NFIP requires a stronger financial framework built on expanding our portfolio of actuarially-priced policies. Transferring more of the risk burden to the private capital markets continues to be part of that strategy,” said Roy Wright, director of the NFIP.

Please click on the link below to read the full article

https://www.insurancejournal.com/news/national/2018/04/05/485448.htm

Please call Lee at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial and Life, Health and group benefit policies.

 

Please read below how for 3 years in a row now AOB is still not resolved. Our Legislators in Tallahassee receive t much PAC money so why solve problems and help the consumer. instead we will see an average of 15% rate hikes for several years because they cannot agree on to much.

 

SB1168, by Senator Steube, passed two of its committee of three committees, but that’s as far as this onerous version of AOB reform ultimately got prior to stalling out in the Senate. SB1168 also amended current law to provide that a misrepresentation, omission, concealment of fact, or incorrect statement on an insurance application may prevent recovery only if the misrepresentation, omission, concealment of fact, or incorrect statement directly relates to the cause of the claim. If the misrepresentation, omission, concealment of fact or incorrect statement directly relates to the cause of the claim, one of the following must have applied:

  • The misrepresentation, omission, concealment, or statement is fraudulent or is material to the acceptance of the risk or to the hazard assumed by the insurer; or
  • If the true facts relative to the loss claimed had been known to the insurer pursuant to a policy requirement or other requirement, the insurer in good faith would not have:
    • Issued the policy or contract;
    • Issued the policy or contract at a premium rate at least 20 percent higher than the rate actually charged;
    • Issued a policy or contract in as large an amount; or
    • Provided coverage with respect to the hazard resulting in the loss.

In addition, SB1168 also would have amended current law to prohibit an insurer from utilizing “managed repair” controls, such as requiring that a particular vendor make repairs to a dwelling insured on the basis of replacement costs. It also prohibits the insurer from even recommending or suggesting a particular vendor to make repairs to a dwelling insured on the basis of replacement costs.

 

The bill required the assignee to provide a copy of the assignment agreement to the insurer within the earlier of 7 days after execution of the agreement, or 48 hours after beginning nonemergency work if the insurer has a facsimile number and e-mail address on its website designated for the delivery of such documents. It allowed the insurer to inspect the property at any time. If the insurer fails to attempt in good faith to inspect the property within 7 days after learning of the loss and promptly deliver to the assignee written notice of any perceived deficiency in the assignee’s notice or the work being performed; however, the failure may be raised to estop the insurer from asserting that work done was not reasonably necessary or that the notice was insufficient. We worked hard to stop this bill from advancing or being amended onto other legislation.

 

Industry’s preferred AOB bill, SB62 by Senator Hukill, was never scheduled for a committee hearing by the Banking & Insurance committee in the Senate.

 

Meanwhile, the Florida House of Representatives AOB reform, HB 7015 by Representative Trumbull was sent to the Senate in the first week of the legislative session. While the House version was not a perfect solution, the bill makes significant changes to the way property repair vendors are restricted in their use of an “assignment of benefits” or “AOB.”   The bill requires disclosures be provided to insureds before entering into an AOB. It moved to a “loser pays” attorney fee system. The House legislation provided the insured with an opportunity to rescind the assignment within 7 days of entering into the contract with the vendor. Further, the bill increased consumer protections and required vendors to provide written estimates of the work to be completed and required the assignee to notify the insurer of the assignment within 3 days of it being executed.   While it would be better to eliminate attorneys’ fees to repair vendors altogether, this bill would have been an improvement over the current system.

 

In the end, the House and Senate versions of AOB never matched up. This issue will be revisited next session.

Please call  Lee Gorodetsky at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Auto, Business & Commercial , & life, Health and group benefits as well.

An onerous version of AOB reform is on the move in the Senate, passing its second of three committees this week. SB1168, by Senator Steube, amends current law to provide that a misrepresentation, omission, concealment of fact, or incorrect statement on an insurance application may prevent recovery only if the misrepresentation, omission, concealment of fact, or incorrect statement directly relates to the cause of the claim. If the misrepresentation, omission, concealment of fact or incorrect statement directly relates to the cause of the claim, one of the following must apply:

  • The misrepresentation, omission, concealment, or statement is fraudulent or is material to the acceptance of the risk or to the hazard assumed by the insurer; or
  • If the true facts relative to the loss claimed had been known to the insurer pursuant to a policy requirement or other requirement, the insurer in good faith would not have:
    • Issued the policy or contract;
    • Issued the policy or contract at a premium rate at least 20 percent higher than the rate actually charged;
    • Issued a policy or contract in as large an amount; or
    • Provided coverage with respect to the hazard resulting in the loss.

 

In addition, SB1168 also amends current law to prohibit an insurer from utilizing “managed repair” controls, such as requiring that a particular vendor make repairs to a dwelling insured on the basis of replacement costs. It also prohibits the insurer from even recommending or suggesting a particular vendor to make repairs to a dwelling insured on the basis of replacement costs.

 

The bill also requires the assignee to provide a copy of the assignment agreement to the insurer within the earlier of 7 days after execution of the agreement, or 48 hours after beginning nonemergency work if the insurer has a facsimile number and e-mail address on its website designated for the delivery of such documents. It allows the insurer to inspect the property at any time. If the insurer fails to attempt in good faith to inspect the property within 7 days after learning of the loss and promptly deliver to the assignee written notice of any perceived deficiency in the assignee’s notice or the work being performed; however, the failure may be raised to estop the insurer from asserting that work done was not reasonably necessary or that the notice was insufficient.

We are working to stop this bill from advancing. Industry’s preferred AOB bill is SB62 by Senator Hukill, which has not been scheduled for a committee hearing and is unlikely to advance given the composition of the Banking & Insurance Committee in the Senate.

 

Meanwhile, the Florida House of Representatives AOB reform HB 7015 by Representative Trumbull was sent to the Senate in the first week of the legislative session. While the House version is not a perfect solution, the bill makes significant changes to the way property repair vendors are restricted in their use of an “assignment of benefits” or “AOB.”   The bill requires disclosures be provided to insureds before entering into an AOB. It also moves to a “loser pays” attorney fee system. The House legislation provides the insured with an opportunity to rescind the assignment within 7 days of entering into the contract with the vendor. Further, the bill increases consumer protections and required vendors to provide written estimates of the work to be completed and required the assignee to notify the insurer of the assignment within 3 days of it being executed.   While it would be better to eliminate attorneys’ fees to repair vendors altogether, this bill is an improvement over the current system.

 

In the end, it is unlikely that the House and Senate versions of AOB will match up. But if the House bill moves toward the Senate version, it will be a weaker product and possibly even onerous.

Please call Lee from Acentria Insurance at 954-351-1960 or my cell at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, group & financial products as well.

An onerous version of AOB reform is on the move in the Senate. SB1168, by Senator Steube, passed its first committee of three committees this week. The bill amends current statutes to provide that attorney fees may not be included in the insurer’s rate base and may not be used to justify a rate or rate change. SB1168 also amends current law to provide that a misrepresentation, omission, concealment of fact, or incorrect statement on an insurance application may prevent recovery only if the misrepresentation, omission, concealment of fact, or incorrect statement directly relates to the cause of the claim. If the misrepresentation, omission, concealment of fact or incorrect statement directly relates to the cause of the claim, one of the following must apply:

  • The misrepresentation, omission, concealment, or statement is fraudulent or is material to the acceptance of the risk or to the hazard assumed by the insurer; or
  • If the true facts relative to the loss claimed had been known to the insurer pursuant to a policy requirement or other requirement, the insurer in good faith would not have:
    • Issued the policy or contract;
    • Issued the policy or contract at a premium rate at least 20 percent higher than the rate actually charged;
    • Issued a policy or contract in as large an amount; or
    • Provided coverage with respect to the hazard resulting in the loss.

 

In addition, SB1168 also amends current law to prohibit an insurer from utilizing “managed repair” controls, such as requiring that a particular vendor make repairs to a dwelling insured on the basis of replacement costs. It also prohibits the insurer from even recommending or suggesting a particular vendor to make repairs to a dwelling insured on the basis of replacement costs.

 

The bill also requires the assignee to provide a copy of the assignment agreement to the insurer within the earlier of 7 days after execution of the agreement, or 48 hours after beginning nonemergency work if the insurer has a facsimile number and e-mail address on its website designated for the delivery of such documents. It allows the insurer to inspect the property at any time. If the insurer fails to attempt in good faith to inspect the property within 7 days after learning of the loss and promptly deliver to the assignee written notice of any perceived deficiency in the assignee’s notice or the work being performed, the failure may be raised to estop the insurer from asserting that work done was not reasonably necessary or that the notice was insufficient. SB1168 is not on the Judiciary committee in week 4, so it won’t be on that agenda prior to week 5. We are working to stop this bill from advancing.

 

Industry’s preferred AOB bill is SB62 by Senator Hukill, which has not been scheduled for a committee hearing and is unlikely to advance given the composition of the Banking & Insurance committee in the Senate. .

 

Meanwhile, the Florida House of Representatives AOB reform HB 7015 by Representative Trumbull was sent to the Senate in the first week of the legislative session. While the House version is not a perfect solution, the bill makes significant changes to the way property repair vendors are restricted in their use of an “assignment of benefits” or “AOB.”   The bill requires disclosures be provided to insureds before entering into an AOB. It also moves to a “loser pays” attorney fee system. The House legislation provides the insured with an opportunity to rescind the assignment within 7 days of entering into the contract with the vendor. Further, the bill increases consumer protections and required vendors to provide written estimates of the work to be completed and required the assignee to notify the insurer of the assignment within 3 days of it being executed.   While it would be better to eliminate attorneys’ fees to repair vendors altogether, this bill is an improvement over the current system.

 

In the end, it is unlikely that the House and Senate versions of AOB will match up.

Please call Lee from Acentria Insurance for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial, & Life, group & financial products as well.

With the National Flood Insurance Program (NFIP) currently set to expire on February 9, and many communities still recovering from this summer’s hurricanes, it’s no surprise that the 21st Century Flood Reform Act has passed the House and moved to the Senate. But it’s important to note that Hurricane Harvey—which is estimated to have caused $65 billion to $75 billion in damage in Texas, according to AIR Worldwide—is only the latest in a string of disasters that highlight two major issues in U.S. flood insurance: the underestimated geographical spread of the threat, and the millions of uninsured and underinsured Americans who don’t even know they’re at risk.

Much of Harvey’s flooding extended beyond what are traditionally considered the highest hazard flood zones. It’s not the first such event in recent memory. Iowa in September 2016, Louisiana in August 2016, and South Carolina in October 2015 saw flooding in unexpected places. In fact, of the 43 property/casualty insurance catastrophes identified so far in 2017 by Verisk’s Property Claim Servicesâ, 38 involve losses due to flooding

Please enjoy the full article below;

https://www.insurancejournal.com/news/national/2018/01/25/478275.htm

Please call Lee at Acentria Insurance at 954-351-1960 or my cell at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, group & Financial as well.

In the wake of Hurricanes Harvey, Irma, and Maria, the 2017 hurricane season is projected to be the most expensive in history, with total estimated economic losses exceeding $200 billion.

According to a new report from MacKinsey & Company, each of these three major hurricanes are expected to rank among the 10 most costly insured natural catastrophes on record globally.

Based on their research, McKinsey & Company anticipates that these record-breaking disasters will have a number of effects on the insurance industry.

Here are the key effects of 2017’s historic hurricane season, as outlined by McKinsey & Company researchers:

        • These disasters will, for most insurers and reinsurers, be a story of earnings volatility and not of capital due to the record-high surplus of the U.S. property and casualty industry.
        • Personal-auto and business-interruption insurance will be the biggest unexpected losses, given that flooding is typically not covered in homeowners’ contracts.
        • These consecutive disasters will stress insurance operations, including large-volume claim management and loss creeps, due to spikes in adjustment expense.
        • In the coming months, insurers will likely face a significant consumer experience and public relations risk. Insurers need to go into crisis-management mode and deliberately and proactively address the risk, starting now.
        • The long-term impact on premium rates will depend on the willingness of investors to recapitalize and continue to invest. If investors get scared by a new trend of increased losses in the wake of natural disasters, rate increases may be substantial and contribute to the ending of a prolonged soft cycle.
      • Please read the full article below;
      • http://www.propertycasualty360.com/2018/01/09/lessons-and-consequences-of-the-record-setting-201?eNL=5a5633b1140ba01a4996dd35&utm_source=PC360_PersonalLinesPro&utm_medium=EMC-Email_editorial&utm_campaign=01102018