News
Matt Reed: Auto-insurance reforms should target fraud
This being Florida, the locals were bound to find ways to exploit or defraud our system of no-fault auto insurance, launched in the 1970s to curb exploitation and fraud.
Jeff Atwater Unveils Agenda for 2012 Legislature
State CFO Jeff Atwater on Monday unveiled his agenda for the 2012 legislative session. Atwater, a Republican who was president of the Florida Senate before being elected to his current post in 2010, said his focus would be on cutting back regulations, fighting fraud and increased transparency and consumer protection.
Time to crack down on auto insurance fraud
Auto insurance fraud continues to soar in Florida over an epidemic of staged vehicle accidents, fake injuries, needless medical treatment and questionable claims. Sunshine State drivers pay the bill, which will amount to an estimated $658 million this year in higher premiums, according to the Insurance Information Institute. That figure is a whopping 122 percent …
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Florida CFO Jeff Atwater calls for ban on referral services like 1-800-ASK-GARY
Florida Chief Financial Officer Jeff Atwater on Tuesday called for a ban on accident lawyer referral services, like 1-800-ASK-GARY and 411-PAIN, which have proliferated on television, Facebook and other media in recent years.
Commissioner McCarty Wraps Up Big Week
The last week has brought good news to Commissioner Kevin McCarty and the Florida Office of Insurance Regulation. Governor Risk Scott recently commented that he is saitisfied with the job Commissioner McCarty has been doing and expects the OIR to be part of the solution as he pushes toward reducing the size of Citizens Property …
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Florida officials, insurers demonstrate staged car crash
Officials call it the “panic stop.” A driver slams on the brakes and forces the car behind into a rear-end collision. Then the driver who was hit pretends to be hurt.
Former lawmaker to head Citizens governing board
TALLAHASSEE, Fla. — Former state Rep. Carlos Lacasa of Miami is the pick to become the next chairman of the board that oversees the operations of the state-backed Citizens Property Insurance Corp.
Officials Urge Phase-In of Citizens Sinkhole Rate Change
Citizens Property Insurance Corporation got the insurance world talking recently when it announced that rates for sinkhole coverage would increase by an average of 400 percent, and by much higher amounts in certain areas. Citizens’ rate increases are capped at 10 percent per policyholder per year, but the 2011 legislature removed sinkhole coverage from the …
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Letters to the Editor: Jeff Atwater on insurance case
An article that appeared in the Orlando Sentinel on June 28 (“Annuity probes drop — sparking questions”) could leave one with the impression that the Department of Financial Services’ enforcement of laws involving insurance agents has relaxed since Chief Financial Officer Jeff Atwater took office.
Annuity probes drop in Florida — sparking questions
By the time she asked for help, the 70-year-old Lake County widow had lost so much money in her variable annuity, her life savings had been nearly wiped out.
OIR to Review Life & Annuity Claims Practices
The Florida Office of Insurance Regulation has announced a public hearing at which it will investigate claims settlement practices in the life and annuity industry. The OIR has directed that representatives of two insurers appear in Tallahassee on May 19 to address its concerns, and OIR advises that it continues to examine other insurers. According …
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CFO Atwater Obtains $76 million Judgment Against Owner of Insolvent Insurer
On April 13, 2011, a judgment for more than $76 million was handed down by the Complex Litigation Division of the Miami-Dade Circuit Court against the former owners of Aries Insurance Company. The judgment announced by CFO Atwater, follows an extensive investigation by the Department of Financial Services (Department) that determined that Marcos Fraynd and …
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