Florida Office Of Insurance Regulation Issues Consent Order To Nationwide Insurance Company
Contact: Beth Scott
– The Florida Office of Insurance Regulation has issued a Consent Order
setting out terms of an agreement reached with Nationwide Insurance Company of Florida to complete a self audit of claims from the 2004 hurricane season, to correct underpayment of any of those claims, and to pay $250,000 in administrative costs for the investigation conducted by the Office.
Nationwide also agreed to review its adjusting procedures and to make additional payment to policyholders for applicable sales tax, payment for use of a general contactor when needed for reconstruction and repayment of depreciation on loss estimates exceeding $10,000.
Nationwide will also repay money when multiple deductibles were incorrectly applied to a claim and reimbursement was not made as part of Florida's multiple deductible grant reimbursement program. The company will send letters to policyholders who are identified as having filed multiple claims, in order to offer to reassess the file to ensure the multiple deductible was correctly applied to their claim. The Office will review Nationwide's assessment of those files.
In addition, Nationwide has agreed to submit summary reports to the Office showing itemization of each claim reviewed and the amount of payment to each policyholder.