All articles tagged with #insurance regulation
Federal probes into Mark Walter's insurance practices have triggered a $12.5 billion Lakers sale and raised questions about his Dodgers ownership. While Walter denies wrongdoing, regulators are scrutinizing $20 billion in undisclosed related-party loans, potentially exposing taxpayers to billions in liability if his insurers fail.
Two home insurance companies, Castle Key Insurance and Amica Mutual Insurance, have requested rate hikes of over 50% with the Florida Office of Insurance Regulation for specialized policies such as condos and second vacation homes. The requests come amidst higher costs for home repairs and severe weather losses, with state leaders attributing the trend to a calmer insurance market following reforms in December 2022. Mark Friedlander of the Insurance Information Institute believes that these substantial rate increases are not indicative of a broader trend among insurance companies.
Florida's Citizens Property Insurance is seeking a double-digit rate increase for homeowners and other personal lines policies, with an average increase of 14.2% statewide. The proposal has been approved by the Citizens Board of Governors but still needs regulatory approval. The Florida Office of Insurance Regulation will hold a meeting to hear testimony from the company and receive public comment on the proposed rate filings. Policyholders in the Tampa Bay area could see increases ranging from 12.2% to 15.3%.