Report: Florida insurer demanded losses and earn money for investors – insurance messages

Florida's insurance supervisory authorities learned from an internal report from 2022, which had been reported to be two years that insurers, parent companies and affiliated companies achieved billions at a time when they claimed losses from harmful hurricanes.

Extensive damage caused by the hurricane Irma in 2017 and the hurricane Michael in 2019 marked the beginning of the state's insurance crisis. Many insurers have hired the guidelines or used the legislator aggressively for market adjustments.

While this happened, managers distributed $ 680 million of dividends to shareholders, while the Tampa Bay Times led billions more to partner companies, Tampa Bay Times violated the story of the internal report.

The newspaper said that the report on insurance regulation in Florida was held back for two years. It was shown that some insurers removed so much money from their companies that they violate the laws against the laws, while other difficulties had to pay claims.

The article in the Times linked to the report, but these links did not work on Monday afternoon.

The Oir press spokesman pointed out that the report had taken over the need for more supervision and came before the supervisory authorities took an supervision of the administrative clower.

“Since the historical legislative reforms, Oir has achieved more regulatory authorities and has been canceled or changed since MGAS Agreement,” said Shiloh Elliott, press spokesman for the OIR, in an e -mail. “The office continues to work for more surveillance in this area in every legislative session. The office has ended these contracts, changed and limited the duration and obliges companies to give them a painful level of justification.”

Lucrative affiliate strategy

Many insurers rely on partners in an increasingly controversial structure. The profits of the insurance company in Florida are limited by government regulations. Many insurers deal with this through the creation of partners, who then calculate the insurance company for services such as marketing, underwriting and or data analysis, to name just a few.

The profits and the remuneration of insurance companies for managers are limited, the profits of affiliate and parent companies are not, reported the Tampa Bay Times.

“Oir believes that there must be a clearer definition of fair and reasonable fees and fees that are used as total dollar amounts, in contrast to percentages and a direct supervision of insurance agents involved in the MGA business model”, said Elliott. “Oir has given the legislature available to the language in every session since the arrival of the Commissioner was defined fairly and sensibly. However, it has not been possible.”

But Doug Quinn, Managing Director of the American Policy Tenture Association, said that Oir is only making excuses so as not to properly regulate insurance companies. The internal report remained in a design form for two years and was not shared with the supervisory authorities, he noticed.

This is “quite a violation of trust responsibility,” said Quinn. “Especially in view of the fact that taxpayers were used to finance the study.”

Florida officials have used the offensive in the past few months to emphasize how the state real estate insurance market is recovering.

© entire content Copyright 2025 from Insurancenewsnet.com Inc. Subject to all rights. No part of this article may be reprinted without the express written consent of Insurancenewsnet.com.

The Senior editor of Insurancenewsnet, John Hilton, has reported business and other beats in more than 20 years. John can be reached [email protected]. Follow him on Twitter @Innjohnh.