Financial Services Industry
Industry: Email Alert RSS FeedFla. probes plans to cut coverage.
National Underwriter Property & Casualty-Risk & Benefits Management, May, 1993 by Knowles, Robert G.
With the start of a new hurricane season less than a month away, Florida State Treasurer and Insurance Commissioner Tom Gallagher has called public hearings to help determine whether four property insurers should be permitted to further reduce their Florida Atlantic and Gulf Coast exposure to windstorm loss.
He also issued an emergency order that requires him to subject as many as 20 other carriers to the same hearing process. The order directs the Florida Insurance Department to hold a public hearing on any plan of cancellation or nonrenewal that affects 10,000 or more property policyowners, and after any property insurance rate filing where the aggregate amount of the increase sought is $1 million or more. Immediately affected by the commissioner's order...
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