As part of further efforts to help policyholders in the wake of Hurricane Sandy, Governor Cuomo and New York’s Department of Financial Services (DFS) issued several new regulations geared towards improving the performance of insurance companies.… Continue Reading
In an effort to get Super Storm Sandy claims handled faster, Governor Cuomo issued an executive order making it easier for out-of-state public insurance adjusters to work in New York and help policyholders with their Sandy claims. The goal of this executive order is to increase the number of qualified adjusters available to New Yorkers. … Continue Reading
Last week, I discussed how Title 10 of the California Code of Regulations §2695 outlines time limits in California for an insurer when it comes to claims handling. This week, I am elaborating on this consumer friendly code section. When trying to figure out how long an insurer has to adjust a loss or respond … Continue Reading
This past week, the California Department of Insurance (CDI) settled an enforcement action against an insurer over claims handling practices from the November 2008 Sayre wildfire. The insurer charged with wrongdoing was New Hampshire Insurance Company (“New Hampshire”), a subsidiary of AIG. The Sayre fire burned in Sylmar, California, and was the eighth most damaging … Continue Reading
California is known to have consumer friendly laws when it comes to insurance. With all the codes and regulations, it’s good to know the California Department of Insurance (CDI) published "Fair Claims Settlement Practice Regulations" under Title 10 of the California Code of Regulations. Although Title 10 encompasses many facets, the regulations provide a concise … Continue Reading
Professor Daniel Schwarcz has called for regulatory reform of the homeowners insurance market as noted in yesterday’s post, "Insurance Regulators and Lawmakers, Judges and Insurance Consumer Advocates Should Study Professor Daniel Schwarcz’s Work." Unlike many who point out problems with no suggested solutions, Professor Schwarcz offered simple solutions that would dramatically improve consumer protections in … Continue Reading
In Tallahassee, nothing is for certain until it is signed by the Governor. Sometimes, even when a bill’s passage looks like a near certainty, something happens behind the scenes to put on the brakes.… Continue Reading
The fix appears to be in for sinkhole losses. The insurance industry and lobby worked hard to set the rhetoric in its favor. Florida’s Insurance Commissioner seems to now be more concerned about appeasing the insurance industry to keep his job rather than taking on an industry he used to battle. Many policyholders with property … Continue Reading
Frederick Kortum vs. Alex Sink will be argued before Florida’s First District Court of Appeal this afternoon, sometime after 2 p.m. In Public Adjusters Lose 48 Hour Solicitation Ban Case and Public Adjuster Lawsuits Move to Appellate Courts, I discussed this important appeal which concerns the constitutional rights of public adjusters to solicit following a loss.… Continue Reading
The recent election results clearly showed that people were upset with those running government—especially those in the Democratic camp.… Continue Reading
Jim Greer, President of the Association of Property & Casualty Claims Professionals (PCCP), issued a press release this morning indicating that the Department of Financial Services would drop the proposed administrative regulations pertaining to adjusters.… Continue Reading
The Florida Department of Financial Services regulates those licensed to adjust claims in Florida. One of those licensed, is a long time friend and a person very familiar with the regulatory process, Mark Boardman. Boardman recently filed a unique Petition for Declaratory Statement with the Florida Department of Financial Services, asking fifteen pointed questions regarding the propriety of various … Continue Reading
Amy Bach, the Executive Director of United Policyholders recently interviewed public adjuster Masood Khan. In United Policyholders’ summer newsletter, Khan, a vice president of The Greenspan Company Adjusters International, was interviewed regarding a number of important topics. One of the more controversial comments he made will be of concern with accounting firms, consultants and contractors. Masood Khan … Continue Reading
Every now and then, a headline has me wondering “what is this?” I love whales and watching them. I love salmon in a very different way and usually only watch them on my dinner plate. So, when the Insurance Journal listed a headline, Flood Program Must Consider Salmon and Whales, my curiosity was piqued.… Continue Reading
Florida’s Third District Court of Appeal, which sits in Miami-Dade County, ruled yesterday that a public adjuster constitutional challenge to the public adjuster fee limitation and solicitation restrictions that was filed in Miami-Dade County should have been filed in Leon County. As noted in Sink Appeals Public Adjuster Suit: Delay Possible For Miami-Dade County Public Adjuster Lawsuit, … Continue Reading
Florida legislators will be debating insurance on the Senate floor today. The Senators are likely to have significant debate because recent indications are that there is extraordinary controversy about how to “fix" all of Florida’s property insurance problems.… Continue Reading
The Florida House of Representatives appears to be following the lead of the Florida Senate regarding public adjusting. As noted last week in Amended Florida Public Adjuster Bill Passes in Florida Senate Banking and Insurance Committee, significant amendments to the original language of proposed legislation regulating public adjusters is moving through the Florida Senate. These … Continue Reading
The Sarasota Herald-Tribune conducted a year long investigation into the manner Florida insurance companies diverted premiums and monies as expenses and losses to hide actual profits. This revelation is probably shocking to many who have been told repeatedly that the Florida insurance industry is losing money as a result of "unfair" rates and for other … Continue Reading
An Order by the Office of Insurance Regulation shows one method some Florida insurers may use to “poor mouth” losses to the public and our legislators in Tallahassee while taking millions home through shell accounting techniques. Many of the smaller insurers operate as three corporations–the insurer, a managing general agent, and a holding company. It … Continue Reading
All adjusters, whether company, independent, or public, have significant ethical obligations in Florida. Indeed, these adjusters even have an obligation to turn each other into the Department of Financial Services. The failure to do so is, by itself, a breach of the adjuster’s ethical obligations: (g) An adjuster shall promptly report to the Department any … Continue Reading
There are two active lawsuits with very good attorneys representing public adjusters who are challenging the 48 hour solicitation ban and the fee caps. The first one was filed in Miami-Dade County, as I reported in Florida Public Adjusters File Lawsuit to Overturn 48 Hour Solicitation Ban and Fee Caps. The second lawsuit challenging only … Continue Reading
Three consumer advocates published a letter, Property Insurance Deregulation Too Costly, which claims that currently proposed Florida legislation calling for no regulation of insurance rates is bad for Floridians "because the average consumer does not have the resources or information to determine when a rate is excessive, the opportunity for the [insurance] company to abuse consumers … Continue Reading
Why do so many of our politicians play to the lobbyists and support laws that harm the average person and voter? This is exactly what has happened with important laws sponsored by the insurance industry lobbyists and then proposed by Florida Senator Mike Bennett of Bradenton and Representative Bill Proctor of St. Augustine. These politicians … Continue Reading
In a widely read previous post, Florida Public Adjusters File Lawsuit to Overturn 48 Hour Solicitation Ban and Fee Caps, I noted how a lawsuit in Miami-Dade County challenged the fee cap and solicitation ban on public adjusters. The State challenged venue, and in a recent order, the trial court denied the change of venue.… Continue Reading
