An article within the Tampa Bay Times, Florida’s insurance coverage commissioner quits amid state’s property insurance coverage disaster, reported the next:
Florida’s insurance coverage commissioner submitted his letter of resignation Thursday, a day after the Legislature made main modifications to the state’s troubled property insurance coverage market.
‘I am so proud of the work the Office has been able to accomplish during my tenure,’ David Altmaier wrote in a letter to Gov. Ron DeSantis. ‘I remain committed throughout the remainder of my tenure — and after — to continue the momentum we have established to make Florida the best place in the union to live, work, and prosper.’
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An analyst who began on the company in 2008, Altmaier rose by the ranks till he was named as commissioner by then-Gov. Rick Scott in 2016.
Since then, the state’s property insurance coverage market has imploded. Eight corporations have gone bancrupt since 2019, and dozens of others have stopped writing new insurance policies or pulled out of the state.
Homeowners’ insurance coverage premiums have gone by the roof, with Floridians now paying a mean of greater than $4,200, triple the nationwide common.
After overseeing Florida’s insurance coverage market into oblivion, Altmaier supported probably the most anti-policyholder laws within the historical past of the United States, which modified legal guidelines in place for greater than 100 years. Altmaier supported elevating insurance coverage charges whereas on the identical time eliminating policyholder rights. Florida’s governor, who supported Altmaier, additionally supported elevated premiums and fewer shopper protections by pushing for and signing these new legal guidelines this week.
Since I help the frequent individuals policyholders relatively than the fats cat insurance coverage executives, Altmaier and I’ve not agreed on a lot since he took over. Over 5 years in the past, I wrote the next in Hurricane Irma Closed Claim Statistics Questioned:
The Florida Senate Banking and Insurance Committee held a public listening to final Tuesday. The video above is my very temporary testimony on the listening to the place I questioned the Hurricane Irma Closed Claim statistics offered by Florida’s Insurance Commissioner, David Altmaier. The Commissioner was a math instructor earlier than becoming a member of the Office of Insurance Regulation. I don’t know what coaching he has had relating to what constitutes wrongful claims practices and he has by no means reached out to any policyholder shopper teams I’m accustomed to.
Florida’s insurance coverage commissioner was fairly upset with the listening to, I feel the 24% of closed claims following Hurricane Irma is a statistic which is totally deceptive if he was referring to home-owner and business property insurance coverage claims. He additionally had a Pensacola restoration contractor counsel that his workplace was merely lacking the unfair claims practices some insurers have interaction in as a normal apply. Maybe math lessons don’t educate insurance coverage leaders methods to discover insurers that will abuse policyholders?
… Unlike Florida’s insurance coverage commissioner, who has his foyer crammed with insurance coverage firm lobbyists, our ready rooms and telephones are crammed with policyholders having issues getting paid following a property insurance coverage loss. We hear from contractors and public adjusters about all types of issues insurance coverage corporations create for policyholders through the claims course of.
Perhaps Commissioner Altmaier or one in all his deputies want to spend a day with us. If he and his workplace are actually searching for proof of issues going through many Hurricane Irma policyholders, we may also help present him and his employees.
With the revelation about Florida insurance coverage firm executives taking cash by back-door offers with affiliated corporations, the place had been Altmaier and his employees stopping this?
With the revelation of discipline adjusters having estimates altered by claims managers to wrongfully decrease claims funds, the place had been Altmaier and his employees defending policyholders from wrongful claims practices?
Will Altmaier and others at Florida’s Office of Insurance Regulation be a part of the revolving door into jobs within the insurance coverage business, as I famous in The Revolving Door Connecting Insurance Regulators with the Supposedly Regulated Insurance Industry?
Only he can reply these questions.
All policyholders and I can do is have fun his resignation. Most of us have felt just like the munchkins in a faraway land and ignored ever since Altmaier was appointed Florida’s insurance coverage commissioner.
Thought For The Day
I’ll get you my fairly, and your little canine too!
—The Wicked Witch of the West