Emergency Order Expands Policies Covered By Prohibition Of Cancellation, Nonrenewals
Contact: Beth Scott
– Insurance Commissioner Kevin McCarty issued an Emergency Order
prohibiting insurers from canceling or nonrenewing policies covering commercial or residential property, automobile, health, life, health maintenance organizations and continuing care retirement centers in 20 counties damaged by Hurricane Wilma.
Effective for 30 days, the order includes policyholders in Brevard, Broward, Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Osceola, Palm Beach, Polk, St. Lucie and Sarasota counties.
The order, effective Oct. 19 through Nov. 19, permits insurers to pay claims by debit card or any other form of electronic transfer in order to expedite necessary emergency funds to policyholders. Electronic transfer of payment is authorized for additional living expenses and personal property contents.
The order does not apply to new policies issued on or after Oct. 24.
The order also calls for insurers that become impaired or insolvent due to Hurricane Wilma or the operation of subsequent rules and orders to report the resulting financial condition to the Office as soon as possible.
Kevin McCarty is the Commissioner of Insurance Regulation, appointed by the Financial Services Commission, which includes the Governor and the Cabinet. The Office of Insurance Regulation is responsible for regulation of all insurance companies and risk-bearing entities, including licensing, rates, policy forms, market investigations, and financial oversight.