Florida Insurance Commissioner Mike Yaworsky has finalized market conduct examinations stemming from Hurricanes Ian and Idalia, ordering $250,000 penalties each against Kin Interinsurance Network and Slide Insurance Company for identified claims-handling misconduct.
This action brings the total penalties assessed by the Office of Insurance Regulation (OIR) against ten companies for their post-hurricane claims operations to $2,575,000, following findings that violated Florida’s Insurance Code.
Chief Financial Officer Blaise Ingoglia endorsed the action, stating, “I made a promise to all Floridians that, as Chief Financial Officer, I would be an advocate for insurance policyholders and hold insurance companies accountable to the contract they have signed… I will continue to work with the Office of Insurance Regulation to ensure that Florida’s insurance market is working for its insurance policyholders and that insurance companies are adhering to their requirements.”
Commissioner Yaworsky reinforced the OIR’s commitment to consumer protection, asserting, “Claims management practices must always be efficient and fair, especially after Hurricanes. I implore all insurers to review their practices and perform at the high caliber we expect.” Unlike past litigation costs, the OIR-assessed fines do not negatively affect policyholder insurance rates.
The specific violations found during the examinations detail significant failures in claims management. The Market Conduct Unit’s examination against Kin Interinsurance Network cited the company for failing to provide required disclosure statements for both Hurricanes Ian and Idalia and, for Hurricane Ian, failing to pay or deny claims within the statutory 90-day period.
Slide Insurance Company’s examination revealed the company used unappointed adjusters and similarly failed to provide mandatory disclosure statements following both Hurricanes Ian and Idalia.
The OIR highlighted that historic insurance reforms aimed at consumer protection have strengthened its ability to enforce regulatory authority, leading to over 100 market conduct examinations and 340 completed investigations.
Furthermore, the OIR’s Market Conduct Unit has secured approximately $14.5 million in consumer restitution since these reforms were enacted. The Commissioner commended the OIR’s team, noting their efforts in securing the restitution and holding insurers accountable.
READ: Florida Agency Seeks Appeals Court Relief To Restart Citizens Insurance Claim Arbitrations
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