Affordable Insurance
Affordable insurance regulation under a microscope
New York and Florida are polar opposites when it comes to winter weather. But the two states are combined to form a massive cold front when it comes to finding, buying and selling affordable insurance just ahead of a snowstorm is expected from the reforms of Congress.
— The Empire State Building under the watchful eye of one of the nation's toughest defenders former consumer protection, Gov. Eliot Spitzer is often — regarded by his peers statehood as the gold standard for most types of reform in the industry. Lawmakers in other bills after state model New York and applaud Governor Spitzer heavy lifting done in his name to enter the drafting of laws governing the templates for everything from consumer Lemon Law in banking and insurance.
Florida Legislative owes another nod to New York this week, the Sunshine State Department of Insurance flexed their muscles during the holiday season usually quiet. During Christmas week, officials took drastic measures in a brokerage gave him a lot business, to loosen its control over State Farm, which allows the company to resume writing homeowner policies after a stalemate in two years hurricane losses, and finally, gave another budding brokerage 23,000 service policies.
State Farm Florida will remain under a negotiated agreement that allows you to cancel 15 percent of their policies and raise rates 14.8 percent. The agreement also allows agents to place business contract State Farm does not renew with other private insurance companies.
Florida Insurance, Commissioner Kevin McCarty announced the deal. This comes after two unsuccessful attempts to increase its tariffs by more than 40 percent for homeowners currently covered by the Good Neighbor and announced his intention to leave the state completely.
At the conclusion of the deal is a win-win for both the state and State Farm Insurance officials in Florida said the agreement is better than State Farm deletion of all of its 810 000 home and condominium policies and that many of them end up in the state-backed Citizens Property Insurance Corp., which was a concern plan out the original insurer.
In another move, regulators have restricted Magnolia Insurance, a brokerage based in Coconut Grove, from writing any new company until May, under a 120-day moratorium
Magnolia will be restricted in writing and renewal business under the consent order with the Office of Insurance Regulation. Approval is also required for any transaction OIR important, transfer of assets, reinsurance contract, investment or change management.
The company is committed to working with OIR to develop a "corrective action plan" which could include being acquired. The state action comes just weeks after the insurer loses its status as an actuarial firm, Demotech, for failure to submit current financial statement and proof of implementation of management changes promised.
Magnolia is bound by the Florida statutes provide adequate notification of policyholders, any lack of renewals. Policies that are scheduled to renew now and in the first weeks of January 2010 could not be properly observed for non-renewal by Magnolia. Magnolia renew these policies if policyholders or agents of renewal application. However, the company said, policyholders and agents must be aware that the renewal Magnolia is at your own risk.
Officials said that officers should try to put any policy required for renewal with another company admitted before the expiration date of policy. If that fails, the agents can try to place business with state-backed Citizens Property Insurance Co.
State citizens will download nearly 23,000 policies Clearwater Homeowners Choice Property and Accidents. The company, funded solely as a union between the insured homeowner in the state and its management team has built its portfolio since its founding in 2006 with the former Citizens State policies considered too risky to serve longer.
Florida OIR nearly double the company's business, which already manages $ 100 million in premiums, according to its website.
With more control over the insurance market of the homeowner relatively stable is, we can only hope that once affordable health care reform becomes law, regulators in Florida, New York and other states with financial risk considerable and have a look at health insurance policies with as much bravado.
About the Author
To most people, health insurance is a plastic card with numbers that lets you into the doctor’s office and a little booklet of paper that lives in your filing cabinet, closet or some dusty corner of your home. To Michael, affordable health insurance and the historical reforms that go along with the inequality of healthcare in America are topics of healthy discussion, worthy of further study and catalysts for education and action. Michael lives in Miami.
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