Insurance companies can be on the hook for large fines after a major storm A new bill being debated by lawmakers would crack down on fraud and come with hefty fines Hurricane Ian is now listed as the costliest storm of any type in US history. Damage from the southwest Gulf Coast through central Florida is estimated at more than $13 billion and has generated more than 700,000 property insurance claims so far. Many of the Hurricane Ian claims have resulted in allegations to the state that insurance companies, or their claims adjusters, or both, fraudulently altered claims to reduce payments. “We’ve seen reform after reform directed at limiting homeowners’ rights while letting insurance companies siphon profits from the state on the backs of homeowners,” said attorney Stephen Cain. There has been plenty of criticism of past actions by lawmakers to make the rounds in Senate committees It debated a new bill aimed at cracking down on hurricane-related insurance fraud Local Sen. Travis Hutson is the sponsor. “If you’re a ‘bad actor’ and you’re fined, the more important thing is that you’re not getting a much heavier fine with a heavy hammer, but now it’s going to be much more transparent and public,” Hutson said. The bill, titled “Insurer Accountability,” prohibits changes to the insurance adjuster’s report. It increases to a maximum of 250% for violations in general and 500% for violations under state emergencies. Insurance and adjuster licenses may also be suspended or revoked. Companies must respond to damage claims within seven days, pay undisputed claims within 60 days and respond to complaints within 14 days. Orlando State Sen. Geraldine Thompson supports the bill but wants any penalties to go back to policyholders. “I would really like to see us inspect this and make the insured whole after the bad actions of the insurance companies,” Thompson said. “SPB 7052 will be reported favorably,” concluded one vote The anti-fraud bill passed its first hurdle unanimously. The Department of Financial Services and the Florida Office of Insurance Regulation are currently investigating allegations of fraud against the insurance company. Top headlines: Police: 3 dead after shooting at Orlando park during Easter egg hunt Police: Man shoots, kills 7-year-old boy and her son Girlfriend’s daughter, Orlando mother Third suspect arrested in killing of 3 teenagers in Marion County
Insurance companies can be on the hook for large fines after a major storm.
A new bill being debated by lawmakers would crack down on fraud and comes with hefty fines.
Hurricane Ian is now listed as the costliest storm of any type in US history.
Damage from the southwest Gulf Coast through central Florida is estimated at more than $13 billion and has generated more than 700,000 property insurance claims so far.
Many of the Hurricane Ian claims have resulted in allegations to the state that insurance companies, or their claims adjusters, or both, fraudulently altered claims to reduce payments.
“We’ve seen reform after reform directed at limiting homeowners’ rights while letting insurance companies siphon profits from the state on the backs of homeowners,” said attorney Stephen Cain.
There has been plenty of criticism of past actions by lawmakers to move around in Senate committees.
It has debated a new bill aimed at cracking down on hurricane-related insurance fraud.
Local Sen. Travis Hutson is the sponsor.
“If you’re a ‘bad actor’ and you’re fined, the more important thing is that you’re not getting a much heavier fine with a heavy hammer, but now it’s going to be much more transparent and public,” Hutson said.
The bill, titled “Insurer Accountability,” prohibits altering the insurance adjuster’s report.
It increases the maximum fine for violations by 250%, normally, and 500% for violations during a state of emergency.
Insurance and adjuster licenses may also be suspended or revoked.
Companies must respond to damage claims within seven days, pay undisputed claims within 60 days and respond to complaints within 14 days.
Orlando State Sen. Geraldine Thompson supports the bill but wants any penalties to go back to policyholders.
“I really want to see us inspect this and make the insured whole after the bad actions of the insurance companies,” Thompson said.
“SPB 7052 will be reported favorably,” concluded one vote
The anti-fraud bill passed its first hurdle unanimously.
The Department of Financial Services and the Florida Office of Insurance Regulation are currently investigating allegations of fraud against the insurance company.
Top Title: