A Florida insurance company, Universal Property & Casualty Insurance Company (UPCIC), has agreed to pay over $30 million to the state’s hurricane fund after allegations that it submitted numerous fraudulent claims for reimbursement.
According to the Attorney General’s office, UPCIC violated the Florida False Claims Act.
Attorney General James Uthmeier announced on Tuesday that UPCIC will return the funds to the Florida Hurricane Catastrophe Fund (FHCF), marking the first time the Attorney General’s office has secured repayment in an insurance fraud case.
Uthmeier emphasized the importance of recovery efforts for Florida residents impacted by hurricanes and reinforced the commitment to a fair and stable insurance market where companies must follow the rules.
The FHCF plays a critical role in stabilizing Florida’s insurance market by reimbursing insurers for hurricane-related property damage.
In the case of widespread storms like Hurricane Irma, the fund helps mitigate insurers’ losses.
Following an investigation into UPCIC, the Attorney General’s office found numerous unrelated claims among the submissions made by the company to the FHCF.
As a result, UPCIC agreed to forgo seeking reimbursement for these claims, reducing the FHCF payout by more than $30 million.
In addition to returning the money, UPCIC will pay over $4 million in fines and implement changes to its policies and procedures.
Claims Aid Consultants Public Adjusters 
You must be logged in to post a comment.