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Crist Holding Insurance Companies to the Fire

October 3rd, 2007 by Mike Vasilinda

Governor Charlie Crist vowed again today to keep some 50 insurance companies who have requested rate increases from raising their rates on homeowners insurance.  The companies filed what is called a “true up” on Monday. They averaged increases of almost 27 percent, while another 13 companies said they would lower insurance by just under 7 percent. The governor thinks those trying to raise rates are breaking the law.

“You know, we’re turning down their rate increase request. Those are being denied by our commissioner and I’m very proud of Kevin McCartney’s work. But I think we need to stay on the industry. We have subpoenas out to the insurance industry in this country that deal with Floridians and we want to make sure that when we get the responses to those subpoenas, that they’re adhering the the letter of the law, the great reform that passed last January. And what that law says is that they have to pass on savings by buying their reinsurance, their own insurance for the insurance company that they can now get from Florida, they have to pass those savings on to the customer. They’re not doing that, and if they’re not doing that we believe that may be a violation of the law.”

Another 19 companies filed documents saying htey wanted to keep their rates as is. Going through the information being subpoenaed could take several months.

Posted in Business, Charlie Crist, Hurricane Season, Insurance | No Comments »

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