As published in the Suncoast News, "sinkhole claims continue to frustrate state lawmakers trying to contain fraud and staggering losses the past five years or so. Now some legislators are contemplating essentially doing away with full insurance coverage for sinkhole damage. Only a catastrophic ground collapse that renders a house uninhabitable would be covered." Read [...]
Sen. Garrett Richter, R-Naples, drafted the following letter on SB 2044, a bill that was intended to strengthen the insurance market, attract more competition and reduce rampant fraud. Read the entire letter here
The Sun-Sentinel reports on the rising number of sinkhole claims in the state - and why things just don't add up. Read the entire story here
According to reports by the Insurance Journal, Mercury General said it would begin the process of withdrawing from Florida's homeowners insurance market. The company expects the withdrawal to be complete in the second half of 2012. Read the entire story here
As reported by the Gulf Coast Business Review, a major hurricane hasn’t hit Florida in five years, yet the state’s property insurer remains vulnerable to catastrophe. Floridians face a stark choice when it comes to fixing Citizens Property Insurance Corp: Pay now or pay later. Read the entire story here
The New Times provides a wrap up of South Florida media coverage on PIP fraud Read the entire story here
The Sun-Sentinel explores PIP attorney fees and the history of PIP fraud in Florida in this investigative piece from January 2011. According to the article, Miami Gardens-based United Automobile Insurance Company has spent about $80 million over the past four years fighting lawsuits in this state. Sun-Sentinel PIP Fraud Story
According to Out of the Storm News, a new study shows there may be a connection between no-fault insurance regulations and fraud. Experience from several no-fault states, including New York and Florida have seen high levels of auto insurance medical claims fraud. Read the entire story here
State Auto Financial Corporation completed the previously announced sale of its non-standard automobile insurance subsidiary, State Auto National Insurance Company, to Hallmark Insurance Company of Fort Worth, Texas, effective Dec. 31. Read the entire story here
A state-run insurance pool, stricter regulations on public insurance adjusters and shifting the burden of proof on claims are among the options posed by Senate committee for curbing sinkhole claims that have tripled since 2006. Read the entire story here