Florida Office Of Insurance Regulation Levies Fines On Insurance Companies Found In Non-Compliance
Valerie Beynon, APR
Tallahassee – Florida Insurance Commissioner Kevin McCarty today announced that 91 insurance companies were assessed fines totaling more than $1.1 million for filing late affidavits stemming from Tropical Storm Bonnie and Hurricanes Charley, Frances, Ivan and Jeanne.
"These companies were given an appropriate time period to submit the required affidavits based on these devastating hurricanes and they have failed to do so," said Commissioner McCarty. "These fines are representative of the importance of timely filing."
The companies were found in violation of Emergency Rule #69OER04-19 Claims Adjustment Requirements. The Emergency Rule required all property and casualty insurers with direct personal lines residential property claims in Florida resulting from Hurricanes Charley, Frances, Ivan, Jeanne, and Tropical Storm Bonnie to expeditiously settle claims and furnish an Affidavit attesting to their compliance with the Emergency Rule.
The rule stipulated that policyholders entitled to additional living expenses will have been provided advanced funds, all damage will have been evaluated and assessed, and a good faith and reasonable effort will have been made to settle all claims or earnest negotiations toward settlement of disputed claims will have begun.
Under Florida law, any insurer in noncompliance with the reporting deadlines would be assessed an administrative fine of $2,500.00 for each day the affidavit has not been received by the Office.
Today's announcement follows a comprehensive review of the affidavits submitted by the industry to the Florida Office of Insurance Regulation. A list of the companies found in non-compliance is attached above.