Fla. official calls for financial check-up on state property insurers

Advertisement

Florida’s chief financial officer is calling for a report on the financial health of the state’s property insurers heading into hurricane season.

Alex Sink

Alex Sink, who oversees the Florida Department of Financial Services, has requested a presentation from the state’s insurance commissioner, Kevin McCarty, at an upcoming meeting of the governor’s cabinet, according to the Sarasota Herald Tribune. The request comes after a series of reports by the newspaper indicating millions of homeowners are covered by insurers with financial risk.

Sink said in her letter that Florida’s homeowners and policyholders “deserve nothing less than accurate information” about the coverage they’ve paid for, the report said.

McCarty plans on making the presentation, a spokesman for the Florida Office of Insurance Regulation said, to address Sink’s concerns that even outside of hurricanes, Florida property insurers are posting financial losses and others are failing, the Herald Tribune said.

The newspaper’s reports indicated that more than 2 million Florida families are covered by insurers exhibiting signs of financial weakness and six insurers were declared insolvent or forced to close or sell in 2009, despite the absence of a hurricane hitting the Florida Coast in the past four years.

Leave a Comment

Follow IFAwebnews: 
Important links and updates throughout the day via Twitter Join IFAwebnews’ Insurance News group on LinkedIn.com Become a fan of IFAwebnewss Insurance News on Facebook Feeds for all the ourinsurance news or just the lines you need. Insurance news delivered to your inbox
© 2012 New Horizon Group, Inc. :: Insurance & Financial Advisor | IFAwebnews.com :: NS 38 queries. 0.568 seconds.
Entries RSS Comments RSS