An insurance agent leader in the Florida Association of Insurance Agents has questioned Florida’s dominant insurance rating agency’s motive to downgrade Florida-based insurers. A post to its membership suggests that Demotech made the downgrade for a self-serving financial reason as a power ploy:
Continue Reading Insurance Agent Leader Questions Motives of Demotech to Downgrade Florida Insurers

The recent events by Demotech indicating that it may downgrade seventeen Florida insurance companies reminded me of the above scene from Casablanca. Florida’s Insurance Commissioner David Altmaier should try out for the role of the corrupt police Captain Louis Renault if the movie is ever remade.
Continue Reading Shocking! Shocking To Believe That Any Insurance Regulator Would Rely Upon Demotech

Yesterday’s post, Will Citizens Property Insurance Disputes Be Handled By Government Administrative Judges?, ended with the hope that Florida’s Office of Insurance Regulation would respond to Citizens request for an endorsement by looking out of policyholder interests. In a comment to the blog post, Mike Cappelli commented by saying that Florida’s OIR was a “rubber stamp.”
Continue Reading The Revolving Door Connecting Insurance Regulators with the Supposedly Regulated Insurance Industry

In this installment of Know the Regs to Use the Regs, we examine additional excerpts from the California Code of Regulations’ Fair Claims Settlement Practices, Sections 2695.4 and 2695. To read more about California Code of Regulations 2695.7 in a past blog, click here, and for California Code of Regulations 2695.9, click here.
Continue Reading Know the Regs to Use the Regs – a look at California Fair Claims Settlement Practices Regulations (10 CCR 2695.4 and 10 CCR 2695.5)

Note: This guest blog post is by Holly Soffer, Esq., a policyholder attorney and General Counsel to the American Association of Public Insurance Adjusters.

Unfortunately, we are singing the same old song again in Louisiana, having to report new administrative actions filed against public adjusters for the unauthorized practice of law and licensing violations. The pursuit of these types of actions by the Louisiana Department of Insurance (LDI) has been dormant for a few years. As a result, some public adjusters have relaxed their concern about possible scrutiny by the LDI on their conduct. This is a mistake. Even armed with all the correct types of documents, however, one can still fall outside the law regarding conduct.
Continue Reading Beware Public Adjusters – Danger Ahead in Louisiana!

This blog follows up last month’s “Know the Regs to Use the Regs” on 10 CCR 2695.9. The purpose is the same – one of the most impactful, if not the most impactful course of action a policyholder or policyholder advocate can take to add value to a claim is knowing and enforcing your legal rights.
Continue Reading Know the Regs to Use the Regs – a look at California Fair Claims Settlement Practices Regulations (10 CCR 2695.7)

Colorado, like most states, has imposed regulatory guidelines that govern insurance company claims handling procedures. Many of those regulations and statutes provide potential penalties that may be imposed when the adjustment process implemented by an insurer fails to comply with the standards enumerated. Title 3 of the Code of Colorado Regulations § 702-5-1-14 is a good example of the methods aimed at deterring such conduct. Due to the recent wildfires in Colorado leading to delayed payments and improper claims handling by numerous insurers, these regulations and the recourse they offer insureds are worth emphasizing.
Continue Reading Failure to Make Timely Decisions/Payments in Colorado will Lead to Penalties for Insurers Pursuant to Title 3 Colo. Code Regs. § 702-5-1-14

We’ve all heard some iteration of the phrase, “knowledge is power.” No matter what source you attribute the quote, its application in the first-party insurance context holds true. One of the most impactful, if not the most impactful course of action a policyholder or policyholder advocate can take to add value to a claim is knowing and enforcing your legal rights. To be clear, to “add value” means to maximize payment of policy benefits owed in the most efficient manner possible, and to “enforce” means to speak up when you are being treated to the contrary, or at the onset of a claim to remind an insurer of its obligations to you. While it is important to know your rights when dealing with in-state insurance adjusters, out-of-state adjusters may pose a higher risk of being unfamiliar with your state’s rules and guidelines, especially following widespread and catastrophic disasters such as wildfires and hurricanes.
Continue Reading Know the Regs to Use the Regs – a look at California Fair Claims Settlement Practices Regulations (10 CCR 2695.9)

A recent Texas Administrative Proceeding involving a public adjuster1 highlighted what public adjusters have to fear if investigated by a Department of Insurance. In the Texas case, here were the areas of inquiry:
Continue Reading What Do Public Adjusters Have To Fear From Regulators? — The Loss of Your Public Adjuster License

Insurance companies will no longer be able to write insurance policies which depreciate labor costs when determining actual cash value in Washington. The Washington Insurance Commissioner just made a rule preventing insurance companies from nickeling and diming of their customers by depreciating labor costs. This ruling becomes effective on January 1, 2022.
Continue Reading Can Insurance Companies Depreciate Labor Costs in Washington? Insurance Commissioner Stands Up For Policyholders