Commissioner Yaworsky Penalizes Two More Companies for Misconduct During Hurricanes Ian & Idalia

TALLLAHASSEE, Fla.—Insurance Commissioner Mike Yaworsky is ordering more penalties against two insurers for certain claims-handling practices identified after completing market conduct examinations for Hurricanes Ian and/or Idalia. OIR issued penalties of $250,000 each against Kin Interinsurance Network and Slide Insurance Company. This finalizes OIR’s market conduct examinations against 10 companies for claims-handling operations during Hurricanes Ian and/or Idalia—resulting in several findings that violate Florida’s Insurance Code and penalties amounting to $2,575,000. Unlike rampant past litigation costs, fines assessed by OIR do not negatively affect policyholder insurance rates.

 “I made a promise to all Floridians that, as Chief Financial Officer, I would be an advocate for insurance policyholders and hold insurance companies accountable to the contract they have signed,” said Chief Financial Officer Blaise Ingoglia. “After a storm, the last thing that a policyholder should have to deal with is an insurance company that is not holding up their end of the deal. I will continue to work with the Office of Insurance Regulation to ensure that Florida’s insurance market is working for its insurance policyholders and that insurance companies are adhering to their requirements.”

 “Claims management practices must always be efficient and fair, especially after Hurricanes,” said Commissioner Mike Yaworsky. “I have said it before, and will say it again, the Office of Insurance Regulation takes consumer protection very seriously. I implore all insurers to review their practices and perform at the high caliber we expect. I am also very proud of our team’s efforts in holding insurers accountable and want to commend their efforts—OIR’s Market Conduct Unit has initiated over 100 examinations, completed more than 340 investigations and secured $14.5 million in consumer restitution.” 

In the examination against Kin, the Market Conduct Unit found that the company failed to provide disclosure statements for both Hurricanes and failed to pay or deny claims within 90 days for Hurricane Ian. For the examination against Slide, the Market Conduct Unit found the company used unappointed adjusters and failed to provide disclosure statements for both Hurricanes Ian and Idalia. For more information about the other targeted conduct examinations for these hurricanes, click here.

To view the examination reports, click here.

 Historic insurance reforms focused on consumer protection have stabilized Florida’s insurance market. Thanks to these reforms, OIR has greater ability to enforce regulatory authority and has taken actions to increase market regulation compliance, including initiating more than 100 market conduct examinations and completing over 340 investigations. OIR’s Market Conduct Unit has also secured approximately $14.5 million in consumer restitution since these reforms.

For highlights on Florida’s insurance market, click here.