The submit, Ding Dong the Depraved Insurance coverage Witch Is Lifeless! Florida’s Insurance coverage Commissioner Resigns!, generated a substantial amount of feedback from readers. The Wizard of Oz is my favourite film, and classes are ample within the story. Nonetheless, some missed the purpose of the submit, which is discovered within the final paragraph:
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.
Some readers urged that Altmaier needs to be prosecuted for one thing or “locked up” and that Florida’s politicians are being bribed. Not so, and in response, I famous:
He’s a vivid man. I simply don’t assume he was proper for this job.
I’m very glad he has supplied his resignation as a result of Policyholders deserve higher.
… I don’t suspect the Governor nor any Florida politician of being bribed and haven’t any proof of it. Certainly, I’ve heard of Governor DeSantis warning folks to not contribute giant sums as a result of it is not going to matter.
We want nice leaders who work onerous and with braveness. We deserve leaders that may sort out powerful points pretty and with nice knowledge if we demand that from these accountable for appointments. We don’t want insurance coverage business shills on this place.
This submit was meant to indicate my happiness after I heard that the chief of the Workplace of Insurance coverage Regulation had resigned. My view is that his efficiency was disastrous for the insuring public.
Lots of people correctly commented in regards to the improve in premiums and never with the ability to discover insurance coverage carriers who would supply protection. I wrote various responses, most of which make this level:
My prediction is that this laws is so favorable to new insurance coverage firms, that they are going to be again as a result of it will likely be a worthwhile feeding frenzy.
The charges might be excessive and you could not have your insurance coverage declare paid, however yow will discover one other firm to purchase your insurance coverage.
Some correctly commented on the rise in litigation and AOBs. I made quite a few responses to this, and one particularly I want to share:
Insurance coverage is a social product. If losses occur in a single a part of the state, it might probably impression total losses in one other a part of the state. Certainly, nationwide property losses have an effect on our reinsurance charges.
So, if there may be gamesmanship happening relating to the litigation of AOB claims, it impacts all of us. I feel that could be a level all of us have to return to grips with it doesn’t matter what aspect of the aisle you’re on.
This AOB downside doesn’t excuse the horrible underpayment of claims, the raiding of surplus by insurance coverage executives, the feigned statistics resulting in unhealthy legal guidelines nor the ignoring of policyholders which our quickly to be insurance coverage commissioner was permitting on his watch.
Insurance coverage commissioners are crucial governmental positions as a result of we extensively depend on the product in our private and enterprise lives. Traditionally, insurance coverage firms need to:
- Cost charges with out authorities interference. This interference has led to catastrophe as a result of they traditionally will cost each too little, resulting in chapter, and an excessive amount of as a result of rate-making is exempt from anti-trust legal guidelines.
- Need to be freed from regulation questioning claims dealing with and motives for wrongful claims conduct.
- Don’t want lawsuits from personal events and policyholders with a vested curiosity to uncover wrongful claims conduct or query the propriety of a claims determination.
- Don’t want regulators asking about how the premium cash is spent and whether or not bills are reliable relatively than being siphoned off into the fingers of the insurance coverage firm executives by way of favored administration contracts or associated firm offers.
My view has been that our quickly to be ex-insurance commissioner was working for the executives of insurance coverage firms relatively than policyholders on these points. I have no idea the explanations or motive for his doing so. Many speculate that his resignation is motivated to keep away from the anti-lobbying regulation coming into place on January 1, so he and others on his employees will be retained by the insurance coverage business. Time will inform.
We have to help an appointment of a brand new insurance coverage chief who can have the intelligence to repair issues as they come up, braveness to manage, and management to construct consensus. I’m satisfied we will do significantly better, though Florida is at all times going to have property insurance coverage points sooner or later, given the geography and important improve in inhabitants.
Thought For The Day
A child has brains, nevertheless it doesn’t know a lot. Expertise is the one factor that brings data, and the longer you’re on earth the extra expertise you’re positive to get.
—The Great Wizard of Oz