TAMPA, Fla. (WFLA) — Eight insurers were penalized in Florida due to misconduct for business practices during Hurricanes Ian and Idalia, Insurance Commissioner Mike Yaworsky announced.
In total, the companies face penalties of $2 million.
The commissioner said the companies used adjusters not properly appointed, didn’t acknowledge receipt of claims communications in a timely manner, didn’t include certain disclosure statements when providing estimates on damage claims, failed to provide Homeowners Claims Bill of Rights, failed to pay interest when owed, and more.
One of the companies had error rates of over 60% for Hurricane Ian and over 80% for Hurricane Idalia for not including disclosure statements, Yaworsky said.
The following companies were penalized:
| Company | Penalty |
| American Coastal Insurance Company | $400,000 |
| American Mobile Insurance Exchange | $400,000 |
| Centauri Specialty Insurance Company | $100,000 |
| Clear Blue Insurance Company | $400,000 |
| Monarch National Insurance Company | $325,000 |
| Sutton National Insurance Company | $50,000 |
| Tower Hill Prime Insurance Company | $250,000 |
| TypTap Insurance Company | $150,000 |
Yaworsky said two additional examinations are pending, which may result in additional fines.
The commissioner also said fines assessed by the Office of Insurance Regulation do not negatively affect policyholder insurance rates.
“As your Chief Financial Officer, I promised to work with OIR to hold insurance companies accountable if they do not uphold the contractual agreement that they sign with their policyholders, ” Florida CFO Blaise Ingoglia said. “These fines are proof positive that we are committed to holding them accountable. Floridians can rest assured that I am actively watching insurers, and I will not hesitate to enter the fight on behalf of consumers and policyholders. With peak hurricane season approaching, it is more important than ever to ensure that insurance companies are keeping their promises to their customers.”
