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Florida’s chief insurance regulator aspires to stabilize market

According to Florida’s insurance commissioner, Minute companies account for half of the state’s property insurance market.

Herald/Times Tallahassee Bureau: TALLAHASSEE
— in front of increasing criticism, Florida Insurance Commissioner Kevin McCarty assured state leaders Tuesday he is functioning to stabilize the state’s troubled insurance market.

According to McCarty, They are deeply concerned about all, companies doing business in this state to make sure they have the financial.
In a presentation to the Cabinet, the state’s chief insurance regulator recognized that a new crop of small, Florida-based companies account for half of the state’s property insurance market, even though numerous companies don’t appear to hold enough money to pay claims in the beginning of a chief storm.
The issue is attracting a critical observe after a current investigation by the Sarasota Herald-Tribune revealed more than two million Florida families are covered by policies from insurers who exhibited signs of financial limitations.

Chief Financial Officer Alex Sink and Attorney General Bill McCollum expressed grave concerns about the capability of these companies, which need only $4 million in capital to start writing policies and conceal profits in shell companies.
According to McCollum, It looks to like this whole area is ripe for fraud.

This entry was posted on Saturday, April 10th, 2010 at 1:23 am and is filed under Florida Health Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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