Insurance companies may be on the hook for major penalties after major storms, and a new bill being discussed by lawmakers would curb fraud and come with hefty fines. Hurricane Ian is now listed as one of the costliest storms of any type in US history. Damage to the southwest Gulf Coast across central Florida is estimated at more than $13 billion and has generated over 700,000 property insurance claims to date. Numerous claims from Hurricane Ian have led to complaints with the state that insurance companies, their claims adjusters, or both have fraudulently altered their claims by reducing payments. “We’ve seen reform after reform geared toward restricting homeowners’ rights all the time, while insurance companies have been left to loot the state’s profits on homeowners’ backs,” said attorney Stephen Kane. There was a lot of criticism of past actions by lawmakers to roam the Senate committee, as it debated a new bill aimed at cracking down on hurricane-related insurance fraud. Local Senator Travis Hutson is the sponsor. “If you’re a ‘bad actor’ and more importantly you’re being fined not only with a much heavier sledgehammer, but now it’s going to be much more transparent and public,” Hutson said. The bill, titled “Insurer Accountability,” prohibits the modification of insurance adjuster reports. The maximum fines for violations are increased by 250% in general and by 500% for violations during states of emergency in the country. Insurance and adjusting officer licenses can also be suspended or revoked. Companies are also required to respond to damage claims within seven days, pay undisputed claims within 60 days, and respond to complaints within 14 days. Orlando Sen. Geraldine Thompson supports the bill but wants to see any fines paid back to policyholders. “I’d really like to see us fake that and make the insured whole after the bad behavior of the insurers,” Thompson said. “SPB 7052 will be declared positively,” concluded the 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 insurance companies. The daughter of a friend, the mother of Orlando, the third suspect arrested in the murders of 3 teens in Marion County
Insurance companies may suffer significant penalties after severe storms.
A new bill being discussed by lawmakers would curb fraud and come with heavy fines.
Hurricane Ian is now listed as one of the costliest storms of any type in US history.
Damage to the southwest Gulf Coast across central Florida is estimated at more than $13 billion and has generated over 700,000 property insurance claims to date.
Numerous claims from Hurricane Ian have led to complaints with the state that insurance companies, their claims adjusters, or both have fraudulently altered their claims by reducing payments.
“We’ve seen reform after reform geared toward restricting homeowners’ rights all the time, while insurance companies have been left to loot the state’s profits on homeowners’ backs,” said attorney Stephen Kane.
There has been much criticism of the previous actions by lawmakers on the Senate committee.
She debated a new bill intended to crack down on insurance fraud related to hurricanes.
Local Senator Travis Hutson is the sponsor.
“If you’re a ‘bad actor’ and more importantly you’re being fined not only with a much heavier sledgehammer, but now it’s going to be much more transparent and public,” Hutson said.
The bill, titled “Insurer Accountability,” prohibits altering insurance officer reports.
The maximum fines for violations increase by 250% generally and by 500% for violations during state emergencies.
Insurance and air conditioner licenses can also be suspended or revoked.
Companies are also required to respond to damage claims within seven days, pay undisputed claims within 60 days, and respond to complaints within 14 days.
Orlando Sen. Geraldine Thompson supports the bill but wants to see any fines paid back to policyholders.
“I’d really like to see us fake that and make the insured whole after the insurers’ bad actions,” Thompson said.
“SPB 7052 will be declared positively,” concluded the vote.
The anti-fraud bill passed its first hurdle unanimously.
The Department of Financial Services and the Florida Bureau of Insurance Regulation is currently investigating allegations of fraud against insurance companies.
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