Some Florida Insurers Get a Break on Citizens Take-Out Policies

For a number of years, Florida has had a program allowing insurers to take policies out of the state-backed Citizens Property Insurance. The original deal was that they took them out and had to stay on the policies for three years. Insurance Commissioner Kevin McCarty is relaxing that rule and allowing some of the insurers to non-renew some of the riskiest take-out policies early. He estimates it will affect about 20,000 to 30,000 policies. Jeff Grady of the Florida Association of Insurance Agents says agents aren’t thrilled about this change. In fact, he thinks it’s an indication that the whole take out program is a failure.

Want to Add this Video to Your Website?
Embed Video: 
Rate this Video
Rate: 1 Star2 Stars3 Stars4 Stars5 Stars
(No Ratings Yet)
Loading ... Loading ...

User Comments

  1. Robert

    June 7, 2010 at 6:49 am

    Agreed.

  2. JR

    June 9, 2010 at 5:57 pm

    The OIR is speaking from both sides of its mouth because it does not understand the language of insurance. Commissioner if you had not forced these carriers to price this lower than Citizens, who has an unsound rate itself, how did you expect this social experiment to work? Stop the suppression and start regulating policy form and coverage better and allow our companies be stay solvent. Your consent order allowing this is evidence that the rates on this business was not adequate.

  3. JR

    June 9, 2010 at 6:04 pm

    So how many of those 400,000 policies that were taken out are still out? American Keystone, Northern Capital, Landmark One, Magnolia, Coral are all failed completely, I assure you that many if not MOST of those went back to Citizens. This is a trend that just does not stop because thinly capitalized carriers are allowed to take out tens of thousands of policies with only $5 million in surplus. McCarty must wake up and stop defending the Governors bad plan that has clearly stuck consumers on alert for financial disaster and to bankrupt the state of Florida. Just accept responsibility for a failure and lets fix it quick, we are tired of hearing excuses.

Post a Comment

Similar Videos

Recently Added

ADVERTISEMENT

Featured

  • screenshot
     

    Lobbyist Norwood Looks Ahead to 2012 in Legislature

    John Norwood, principal of Norwood & Associates, has a career in political work dating back to the early 1980s, and he’s one of the state’s best known lobbyists in the insurance and financial services sectors. Norwood talked about workers’ compensation, and other legislation and regulation matters that the insurance industry will face in 2012, including [...]

  • screenshot
     

    Norwood on Workers’ Comp

    John, principal of Norwood & Associates, has been an lobbyist for insurance and financial services sectors across several decades. Norwood offered a focused looking at the all-important workers’ compensation issue, and he gave his thoughts on health insurance exchanges. In fact, Norwood forecast that 2012 will rank as an important one when it comes to [...]

  • screenshot
     

    Lobbyist Norwood Analyzes Consumer Watchdog Legislation

    John Norwood is one of California’s best known legislative advocates for the insurance and financial services sectors. Norwood spoke to the Insurance Journal about legislation and regulation, including a proposal by a consumer advocacy group that would establish prior approval for healthcare insurance and would make major changes to auto insurance and homeowners insurance in [...]

Popular

  • screenshot
     

    Entrepreneurial Technologists

    This year the Entrepreneurial Insurance Alliance (EIA), sponsored by MarketScout, named Vertafore and Risk Metrics, as winners of it 2011 Entrepreneurial Award in technology. Vertafore’s WorkSmart and Risk Metrics’ Insurance 360 technology products received recognition from the EIA as being some of the industry’s most innovative concepts in technology. Each year, the EIA receives hundreds [...]

  • screenshot
     

    How Insurance Distribution Is Changing

    Retail and wholesale brokers face the challenge —and opportunity— of redefining their relationships and value proposition in today’s changing insurance distribution world, according to Glenn Hargrove, president, MarketScout Wholesale, Dallas, Tex. In this interview from the recent Western Insurance Agents Association’s Insurance Industry Roundtable in California, Hargrove outlines the value proposition of agents and brokers [...]

  • screenshot
     

    Interesting Times in Medical Liability

    The medical liability market continues to perform well even as the nation struggles to implement health care reform. Robert Allen, senior vice presidents at Torus Insurance, says many health care institutions are implementing new strategies to be successful in today’s health care reform world. In this interview with Insurance Journal’s Andrea Ortega-Wells from the annual [...]

Random

  • screenshot
     

    The Optimism of Young Independent Agents

    Young agent Joey O’Connor, vice president with Daniels & Eustis Agency in Louisiana, talks about what being independent means to him and to other young agents– and why they are optimistic about the future — in this excerpt from an interview with Insurance Journal’s Andrew Simpson.

  • screenshot
     

    Program Management: An Alignment of Interests

    QBE the Americas, a division of Australia’s QBE Group, conducts property and casualty insurance business in 10 countries. While QBE is well-established worldwide, its profile as a single unified brand is not as visible in the United States as the company would like says Rob Byler, who was appointed president of the New York-based unit’s [...]

  • screenshot
     

    Strategy at CNA Not Tied to AIG

    American International Group is, obviously, a large company, and the effects of its recent troubles have been felt throughout the property/casualty Insurance industry. We asked Thomas Motamed, CNA Financial’s CEO and chairman, what he sees as the effects of the AIG troubles.