An article within the Tampa Bay Occasions, 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’m so pleased with the work the Workplace has been in a position to accomplish throughout my tenure,’ David Altmaier wrote in a letter to Gov. Ron DeSantis. ‘I stay dedicated all through the rest of my tenure — and after — to proceed the momentum now we have established to make Florida the most effective place within the union to reside, work, and prosper.’
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 firms have gone bancrupt since 2019, and dozens of others have stopped writing new insurance policies or pulled out of the state.
Owners’ insurance coverage premiums have gone by the roof, with Floridians now paying a median of greater than $4,200, triple the nationwide common.
After overseeing Florida’s insurance coverage market into oblivion, Altmaier supported essentially the most anti-policyholder laws within the historical past of the US, which modified legal guidelines in place for greater than 100 years. Altmaier supported elevating insurance coverage charges whereas on the similar 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 Declare Statistics Questioned:
The Florida Senate Banking and Insurance coverage 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 Declare statistics supplied by Florida’s Insurance coverage Commissioner, David Altmaier. The Commissioner was a math trainer earlier than becoming a member of the Workplace of Insurance coverage Regulation. I don’t know what coaching he has had concerning 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 believe 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 interact in as a common observe. Possibly math courses don’t educate insurance coverage leaders tips on how to discover insurers which will abuse policyholders?
… Not like 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 every kind of issues insurance coverage firms create for policyholders throughout the claims course of.
Maybe Commissioner Altmaier or considered one of his deputies want to spend a day with us. If he and his workplace are really on the lookout for proof of issues dealing with many Hurricane Irma policyholders, we will help present him and his workers.
With the revelation about Florida insurance coverage firm executives taking cash by back-door offers with affiliated firms, the place have been Altmaier and his workers stopping this?
With the revelation of subject adjusters having estimates altered by claims managers to wrongfully decrease claims funds, the place have been Altmaier and his workers defending policyholders from wrongful claims practices?
Will Altmaier and others at Florida’s Workplace of Insurance coverage Regulation be part of the revolving door into jobs within the insurance coverage business, as I famous in The Revolving Door Connecting Insurance coverage Regulators with the Supposedly Regulated Insurance coverage Trade?
Solely he can reply these questions.
All policyholders and I can do is rejoice 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 Depraved Witch of the West