April 29, 2016

Florida Picks Deputy Altmaier to Be Next Insurance Commissioner

Posted by homeinsuranceguru under Auto Insurance, CFO, Flood Insurance, Florida, Governor Rick Scott, Home Owners Insurance, Legislators, OIR, Tallahassee | Tags: , , , , , , , , , , , , , |
Leave a Comment 

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

The Florida Cabinet has selected David Altmaier to be the state’s new insurance commissioner.

Altmaier, 34, is currently a deputy commissioner within the Florida Office of Insurance Regulation. He will replace Kevin McCarty, who is stepping down after 13 years on the job

Altmaier was one of three candidates, all OIR employees, interviewed at a special Cabinet meeting today.

He was selected after members of the Cabinet could not agree at previous meetings or at today’s on other candidates including Rep. Bill Hager; Jeffrey Bragg, a former federal insurance official; or Belinda Miller, who is OIR chief of staff.

Florida law requires that the governor and CFO must agree on the choice of an insurance commissioner, who can then be hired with the support of at least one other Cabinet member.

Attorney General Pam Bondi and Agriculture Commissioner Adam Putnam joined Gov. Rick Scott and CFO Jeff Atwater in supporting Altmaier.

 

Please enjoy the full article below!

http://www.insurancejournal.com/news/southeast/2016/04/29/407083.htm

Advertisement
 

April 27, 2016

Updated: Florida Gov, CFO at a Standstill Over Next Insurance Commissioner; How will this affect Fort Lauderdale and all of Florida!

Posted by homeinsuranceguru under Auto Insurance, CFO, Flood Insurance, Florida, Fort Lauderdale, Governor Rick Scott, Home Owners Insurance, Insurance commissioner, Legislators, OIR | Tags: , , , , , , , , , , , , , |
Leave a Comment 

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

 

For the second time in a month, Florida Gov. Rick Scott and Chief Financial Officer Jeff Atwater could not reach an agreement over who will become the next insurance commissioner for the state.

At the April 26 Florida Cabinet Meeting, Cabinet Members Scott, Atwater, Attorney General Pam Bondi and Agriculture Commissioner Adam Putnam interviewed a total of four candidates from the 71 applicants who applied to the position. The spot will soon be vacated by current Insurance Commissioner Kevin McCarty, who announced his plan to resign earlier this year.

McCarty said back in January that he would resign effective May 2. The Cabinet then opened up an online application with the goal of appointing a successor at its March 29 meeting, before the start of hurricane season. However, at the March meeting, Scott refused to second Atwater’s nomination of Hager. The Cabinet needs to reach a unanimous decision on the choice with Atwater and Scott’s votes carrying the most weight.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2016/04/27/406601.htm

 

 

January 11, 2016

McCarty Replacement Rumors Start Swirling, Successor has ‘Huge Shoes to Fill’, What will this mean for Fort Lauderdale and all of S. Florida?

Posted by homeinsuranceguru under Auto Insurance, Flood Insurance, Florida, Fort Lauderdale, Governor Rick Scott, Home Owners Insurance, Insurance commissioner, Legislators, OIR | Tags: , , , , , , , , , , , |
Leave a Comment 

News of who will replace Florida Insurance Commissioner Kevin McCarty has yet to be announced, but whoever takes over will have his or her work cut out for them when McCarty leaves office after 12 years on May 2.

“These are some pretty huge shoes to fill and it’s going to be tough,” said Jay Neal, president and CEO of the Florida Association for Insurance Reform (FAIR). “We need someone who is experienced in that role or we will see problems.”

No candidates have been confirmed as potential replacements, as of yet, but a few names have been floated so far. Two Florida movers rumored to be in the running include Florida State Rep. Bill Hager, a former Iowa Insurance Commissioner, former president and CEO of the National Council on Compensation Insurance (NCCI) and current vice chair of the state Insurance and Banking subcommittee; and Tom Grady, former interim president of Florida’s Citizens Property Insurance Corp.

Hager has been vocal for flood insurance reform in the state, an issue that has also been a major focus for McCarty over the last six months. Hager told Insurance Journal last fall that lawmakers were “turning up the heat” on the National Flood Insurance Program’s ratemaking practices.

Grady is currently awaiting confirmation by the State Senate to the Florida Board of Education after he was appointed by Florida Gov. Rick Scott in Oct. He was accused of allowing “excessive” travel expenses during his short-lived position with Citizens.

There is also the possibility that a candidate Scott considered last year, Louisiana Deputy Commissioner of Consumer Advocacy Ron Henderson, could be in the running again.

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

http://www.insurancejournal.com/news/southeast/2016/01/08/394524.htm

 

January 6, 2016

Florida Insurance Commissioner McCarty to Resign After 12 Years in Job?? Why and how will this affect Fort Lauderdale and all of Florida?

Posted by homeinsuranceguru under Auto Insurance, CFO, Flood Insurance, Florida, Governor Rick Scott, Home Owners Insurance, Insurance commissioner, Legislators, OIR, Tallahassee | Tags: , , , , , , , , , , , , |
Leave a Comment 

Florida Insurance Commissioner Kevin M. McCarty announced today that he is resigning effective May 2, 2016 after 12 years in the post to pursue other job opportunities, according to the Florida Office of Insurance Regulation (OIR).

McCarty has served as the only appointed insurance commissioner for the Florida Office of Insurance Regulation since the office was created in 2003.

McCarty’s tenure has been a tumultuous yet productive one. Originally appointed by former Gov. Jeb Bush, McCarty presided over the state’s sometimes volatile homeowners and auto insurance markets, a number of devastating hurricanes, and several financial and insurance-related crises.

Last year, he survived an ouster bid by current Florida Gov. Rick Scott.

Gov. Rick Scott’s Communications Direct, Jackie Schutz, issued the following statement to Insurance Journal on the news:

“We appreciate his service to the state and we wish him the best of luck in his next endeavor.”

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

http://www.insurancejournal.com/news/southeast/2016/01/05/393831.htm

 

January 5, 2016

Florida Lawmakers to Industry: We Want YOU to Join State Flood Insurance Market! Private Flood To help Fort Lauderdale & all of Florida!

Posted by homeinsuranceguru under Auto Insurance, FEMA, Flood Insurance, Florida, Home Owners Insurance, Legislators, OIR, Tallahassee | Tags: , , , , , , , , , , |
Leave a Comment 

“We think the time is right for you all to explore the [Florida] flood insurance market.”

That was the message Florida Senator Jeff Brandes gave insurance industry attendees at the first ever Florida Flood Insurance Conference on Dec. 9 in St. Petersburg.

Brandes added that lawmakers are doing what they can to make the Florida flood market attractive and accommodating to private insurers.

“Our goal is to have 10 private insurers or more in Florida selling flood insurance in the next 24 months, and with your help we think we are going to get there,” Brandes said.

The Florida flood insurance market has become an expensive problem for homeowners, and it’s getting more expensive every year, according to lawmakers including Brandes and Florida Insurance Commissioner Kevin McCarty.

Brandes, a Republican, represents District 22 of Florida that includes Pinellas and Hillsborough counties. He has been leading the charge among Florida lawmakers to change Florida’s approach to flood insurance.

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

http://www.insurancejournal.com/news/southeast/2015/12/30/393327.htm

 

December 22, 2015

Flood, Fraud and the Florida Market: McCarty Talks Hot Insurance Topics in 2015, how will this affect Fort Lauderdale and all of Florida!

Posted by homeinsuranceguru under Auto Insurance, CFO, Flood Insurance, Florida, Fort Lauderdale, Governor Rick Scott, Home Owners Insurance, Legislators, OIR | Tags: , , , , , , , , , , , |
Leave a Comment 

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

It was another busy year for the Florida Office of Insurance Regulation (OIR). From conducting the annual property/casualty data call and subsequent stress test of Florida property insurers, to working on the depopulation efforts of Citizens, to calling out the National Flood Insurance Program on Florida’s “unfair” flood insurance rates, Florida Insurance Commissioner Kevin McCarty has addressed some important insurance issues facing his state in 2015.

In the middle of it all, McCarty overcame rumors of being replaced, testified before U.S. lawmakers on behalf of the National Association of Insurance Commissioners (NAIC), was recognized with a lifetime achievement award by the Florida Association for Insurance Reform (FAIR) in September, as well as honored with the Latin American Association of Insurance Agencies “Insurance Man of the Year” award in December.

In a wide-ranging interview with Insurance Journal in November, McCarty talked about how he approaches his position after all these years and shared his views on the important issues facing Florida.

Please enjoy the full article below!

http://www.insurancejournal.com/news/southeast/2015/12/21/392698.htm

 

October 29, 2015

Florida Regulators ‘Encouraged‘ by Insurers’ Stress Test Results. Great news for Fort Lauderdale and all of Florida!!!

Posted by homeinsuranceguru under Auto Insurance, CFO, Citizens Insurance, Flood Insurance, Florida, Fort Lauderdale, Home Owners Insurance, Insurance commissioner, OIR, Reinsurance, Tallahassee | Tags: , , , , , , , , , , , |
Leave a Comment 

Florida property insurers are well-capitalized and able to handle a 1-in-100 year storm event if and when it occurs in the state, according to the Florida Office of Insurance’s 2015 Data Call and subsequent stress test report.

The annual Reinsurance Data Call conducted by OIR is part of its efforts to routinely monitor the financial strength of Florida property insurance companies. In an effort to “bolster consumer confidence levels,” Florida Chief Financial Officer Jeff Atwater asked Florida Insurance Commissioner Kevin McCarty to strengthen the financial stress tests insurers in the state are put through and to share the results with Florida’s policyholders, a statement from Atwater’s office said.

OIR released its findings this month in its “2015 Report of the Catastrophe Stress Test.”

“Florida has the unique characteristic of having the largest exposure to catastrophic hurricane risk of any state in the U.S. This characteristic puts Florida’s property insurance companies at a heightened level of risk and requires that Florida insurance regulators take a more in-depth look at the financial condition of insurance companies in this context,” the report said.

At L & S Insurance we represent 22 Insurance companies so we can shop your policy for the best quotes. Please call L & S at 1-888-244-7400 for quotes on Home, Auto, Business & Commercial, Flood Insurance, Private Flood & Life & Financial products as well.

Please enjoy the full article below;

http://www.insurancejournal.com/news/southeast/2015/10/29/386784.htm

 

September 9, 2015

Florida Approves Citizens’ 2016 Rates With Minor Adjustments, Good or bad for Fort Lauderdale and all of S. Florida?

Posted by homeinsuranceguru under Auto Insurance, Barry Gilway, Citizens Insurance, Flood Insurance, Florida, Fort Lauderdale, Home Owners Insurance, Insurance commissioner, Legislators, Reinsurance, Tallahassee | Tags: , , , , , , , , , , , |
Leave a Comment 

The Florida Office of Insurance Regulation has approved a slate of 2016 property insurance rates for Citizens Property Insurance Corp.

In an order signed September 8 by Florida Commissioner Kevin McCarty, FLOIR set the rates for Citizens multi-peril and coastal homeowners that reflect an overall statewide rate decrease of 1.8 percent increase for homeowners’ multiperil policyholders across the state

According to a statement from FLOIR, the office modified some of Citizens’ recommended rates to address key issues cited as causes for increasing homeowners’ insurance costs for policyholders in South Florida and on the coast. These included Citizens’ purchase this year of more private reinsurance (insurance for insurance companies) and pre-event financing (a short-term loan to recover claims costs payable by the Florida Hurricane Catastrophe Fund).

Citizens presented its rate proposal at a public hearing on August 25 in front of Florida insurance regulators and addressed questions FLOIR had on its rate requests. Citizens highlighted the surge in water loss trends in three South Florida counties as the main reason for rate increases. The combination of these factors drove up overall rates despite reductions to most policyholders living farther from the coast. The Office’s subsequent findings are described in more detail within the order shown below.

According to a statement from Citizens, the FLOIR-approved rates reflect a decrease for 60 percent of Citizens customers but an average overall 1.8 percent increase for homeowners’ multiperil policyholders across the state as of Feb. 1, 2016 for new and renewal business. This probably means increases here in S. Florida from 5-10% or more in some cases.

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

http://www.insurancejournal.com/news/southeast/2015/09/09/381094.htm

 

September 2, 2015

Miami Agent Arrested for Operating With Expired License, Stealing Premium Funds. Fort Lauderdale and S. Florida again!!!

Posted by homeinsuranceguru under Auto Insurance, Flood Insurance, Fort Lauderdale, Home Owners Insurance, OIR | Tags: , , , , , , , , , |
Leave a Comment 

The Florida Division of Insurance Fraud announced the arrest of Tania Michel, 41, for failing to notify the Department of Financial Services of a federal fraud conviction, continuing to work in the insurance industry after having her license expire, and knowingly misappropriating premium funds while working at an insurance agency.

For a period of nine months, Michel worked at a North Miami Beach insurance agency with an expired professional license and with an unreported federal felony conviction. By failing to reapply for her license, she was able to further conceal the felony fraud conviction that would cause her to become permanently barred from the insurance industry. She was fired by the insurance agency owners for suspected misappropriation of funds and sought employment at another Miami insurance agency where she continued the same unlawful behavior of diverting, or stealing, clients’ monthly premium payments for personal use.

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

http://www.insurancejournal.com/news/southeast/2015/09/02/380349.htm

 

August 26, 2015

Citizens: Water Losses the Reason for Rate Increases in South Florida, Watch out Fort Lauderdale and all of S. Florida!

Posted by homeinsuranceguru under Auto Insurance, Barry Gilway, Citizens Insurance, FEMA, Flood Insurance, Florida, Fort Lauderdale, Home Owners Insurance, Insurance commissioner, OIR, Tallahassee | Tags: , , , , , , , , , , , , , |
1 Comment 

In a nearly three-hour rate hearing on August 25, representatives from Florida’s Citizens Property Insurance Corp. delved into and defended their recent rate filing, which included significant increases in many Florida regions, before the Florida Office of Insurance Regulation (FLOIR).

Insurance Commissioner Kevin McCarty, who led the FLOIR panel, opened up the hearing by emphasizing that Citizens is not under fire for its submitted rate proposal.

Citizens’ CEO Barry Gilway said water damage claims, which the company described as not flood-related but instead a water loss as a result of a sudden or accidental discharge of water by a pipe or water-system issues, have increased by 50 percent in severity and frequency.

“I want to be crystal clear on this issue: water losses are the major reason Citizens is seeking rate hikes for the coming year, especially in South Florida. Were it not for water loss… 99 percent of South Floridians –Miami-Dade South Florida policyholders would be seeing rate decreases,” Gilway said.

Gilway described the rise in water damage in South Florida as “very disturbing.” He said two years ago the frequency of water loss damage was 8 percent and has since risen to 13 percent, with the company now seeing an average of about 1,000 water damage claims a month. The average water damage loss 2.5 years ago was $9,000 and today is closing in $15,000, he said.

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

http://www.insurancejournal.com/news/southeast/2015/08/26/379771.htm

 

Next Page »