To: The Florida State House, The Florida State Senate, and Governor Ron DeSantis
Florida Insurance Regulatory Reform Act
As registered voters and residents of the great State of Florida we are very disappointed with how our insurance rates continue to sky rocket despite the lack of any major catastrophe in the last 7+ years(Hurricane Wilma - October 2005). We do not believe that the current oversight and regulations are broad enough to provide accurate picture of the complete financial condition of insurance companies.
As such, we hereby demand that you create and pass legislation that would grant the regulatory agencies overseeing the insurance industry full and complete access to all financial records of all insurance companies that do business in Florida. This would include but not be limited to the Managing General Agents (MGA's), any and all subsidiaries of these insurers, including but not limited to any insurance company or offshore reinsurer that this or any other insurer in the state of Florida utilizes for reinsurance or in which the insurer or any of it's Board of Directors or major stockholders, directly or indirectly, have investments or ownership.
We need to get rid of the loopholes that continue to allow insurers to subvert the intention of our regulatory supervision and stop providing incomplete, false and misleading financial records to our regulatory bodies.
As such, we hereby demand that you create and pass legislation that would grant the regulatory agencies overseeing the insurance industry full and complete access to all financial records of all insurance companies that do business in Florida. This would include but not be limited to the Managing General Agents (MGA's), any and all subsidiaries of these insurers, including but not limited to any insurance company or offshore reinsurer that this or any other insurer in the state of Florida utilizes for reinsurance or in which the insurer or any of it's Board of Directors or major stockholders, directly or indirectly, have investments or ownership.
We need to get rid of the loopholes that continue to allow insurers to subvert the intention of our regulatory supervision and stop providing incomplete, false and misleading financial records to our regulatory bodies.
Why is this important?
Require full financial disclosure of all insurance companies and any and all related companies, including offshore subsidiaries.
Our homeowners insurance rates are rising very fast and all we hear is excuse after excuse about their financial condition. Without having to present complete and truthful financial disclosure our regulators are flying blind.
Our homeowners insurance rates are rising very fast and all we hear is excuse after excuse about their financial condition. Without having to present complete and truthful financial disclosure our regulators are flying blind.