Category: Insurance News
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Florida Fines Eight Insurers $2.075 Million for Hurricane Misconduct
., American Coastal Insurance Co., American Mobile Insurance Exchange, Centauri Specialty Insurance Co., Clear Blue Insurance Co., Florida Public Adjuster, Hurricane Claim, Monarch National Insurance Co, Property Insurance Claim, Sutton National Insurance Co., Tower Hill Prime Insurance Co., TypTap Insurance Co.Florida Insurance Commissioner Mike Yaworsky announced $2.075 million in fines against eight insurance companies for mishandling property damage claims after Hurricane Ian (September 2022) and Hurricane Idalia (August 2023). Yaworsky said the companies used improperly appointed adjusters, failed to acknowledge or respond promptly to claims, did not provide homeowners with required claims bill of rights,
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UPCIC to Pay $30M for Fraudulent Hurricane Claims in Florida
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
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Unfinished State Report Exposes Insurers accounting tricks to conceal profits
Last month, The Times/Herald uncovered the previously unseen state report, which revealed that insurance companies channeled billions of dollars to affiliated companies while claiming to lose money between 2017 and 2019, when the state’s insurance crisis began.
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Florida Insurance Investigation: Hidden Profits and Rising Premiums
FedNat Insurance Company, finance, Florida Insurance Investigation, Florida Public Adjuster, Homeowners Insurance Claim, homeowners insurance company, insurance, news, Public Adjusters, Southern Fidelity Insurance Company, United Property & Casualty Insurance Co, Weston Property & Casualty Insurance CompanyAn investigation is currently underway in Florida to determine if insurance companies concealed profits while declaring bankruptcy. The issue has recently gained the attention of state lawmakers. The focus is whether homeowners faced steep premium increases due to some Florida insurance companies citing losses caused by hurricanes, while simultaneously engaging in practices that may have
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