Florida’s independent insurance agents have voiced their concern regarding one of Florida’s largest property insurers taking over thousands of policies from a now defunct competitor. Agents are worried that the move may cost them dearly in the form of client exodus. Homeowners Choice Insurance, a subsidiary of Homeowners Choice Property and Casualty Insurance, has taken on more than 70,000 policies from HomeWise Insurance. While agents have witnessed such happenings in the past, there is a provision in the contract between HomeWise and Homeowners Choice that could put agents’ livelihoods in…
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Lloyd’s enters Florida’s reinsurance market on the heels of new law
Lloyd’s of London, one of the world’s leading insurance and reinsurance specialists, is entering Florida’s reinsurance market. The company joins several other reinsurance organizations flocking to the state to take advantage of a new law that reduces capital requirements for reinsurers. The law, first introduced in 2009 but only recently passed, is an attempt to attract more foreign reinsurance companies to do business in the state, thereby reinvigorating the somewhat stagnant market. Because of the law, Lloyd’s has been approved to do business in the state. According to the law,…
Read MoreFlorida Legislature may be looking to change how the state’s insurance industry works as fraud continues to grow unabated
According to experts, Florida’s auto insurance industry is currently facing the possibility of changes or the outright elimination to the no-fault system, which may provide drivers who are well-insured with an appealing decrease in premiums, but may also increase the price of basic policies. In Florida, drivers must have at least $10,000 in coverage for personal injury. However, Governor Rick Scott has stated that he would prefer to make this an optional protection. Personal injury protection (PIP) system critics are saying that scam artists are provided with incentive to stage…
Read MorePresident of Florida Association of Insurance Agents sees progress, but reform frustrations
Jeff Grady, the Florida Association of Insurance Agents president, has spoken about the successes and failures of the most recent legislative session now that has finished. Grady discussed the changes that were made within the legislative session under the new governor as well in conjunction with a House and Senate that both have a strong majority that is pro-business. The agenda was geared toward reforms in tort and property, as well as a high profile urging to revamp the no-fault auto law. That said, while there were some significant reforms…
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