Report: Florida home to three-quarters of U.S. property insurance lawsuits
Insurance Commissioner David Altmaier said the trend is not new.
A new report from the state’s Office of Insurance Regulation found Florida accounted for over 76% of all homeowners’ litigation in the United States in 2019.
The data comes from an OIR review of the National Association of Insurance Commissioners Market Conduct Annual Statement (MCAS) Data Call, covering 2016-2019. While Florida exceeded the rest of the nation in homeowners’ insurance litigation, the state accounted for only 8% of homeowners’ insurance claims nationwide.
In an April 2 letter addressed to House Commerce Committee Chair
Florida plans audit of program that blocks parents of brain-damaged newborns from suing
Miami Herald (FL)
Apr. 9 Declaring that
Florida leaders can and will do better for the families of catastrophically brain-damaged children, the state s top financial regulator Thursday initiated an audit of the state program that oversees care for those injured in childbirth.
Chief Financial Officer
Office of Insurance Regulation, which he supervises, will examine the books of the state s
Birth-Related Neurological Injury Compensation Association, or NICA. Patronis office already has begun an inspection of the program, which was the subject of an investigative report in the Miami Herald Thursday.
Regulator Deems Florida-Based American Capital Assurance Corp. Insolvent
After negative moves by ratings agencies last month to address its financial issues, Florida’s insurance regulator says American Capital Assurance Corp. (AmCap) is insolvent and should be placed in receivership,
In a letter dated April 2 to Chief Financial Officer Jimmy Patronis, Florida Insurance Commissioner David Altmaier said the Office of Insurance Regulation (OIR) has determined that grounds exist for the “initiation of delinquency proceedings” against AmCap. Included in the letter is a consent to order of receivership signed by AmCap “in which it admits that is insolvent.”
The Florida-based insurer, which focused on commercial residential and non-residential property risks, as well as flood coverage, had more than 1,900 policies in force in Florida as of Sept. 30, 2020, with nearly $80 million in annualized premium, according to OIR data. The company also writes business in Georgia, Louisiana
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