Fla. Commissioner Orders Citizens to Reduce Rates in Monroe County
Southeast News • August 18, 2006
Florida Insurance Commissioner Kevin McCarty rejected a request by Citizens Property Insurance Corporation (Citizens) to increase rates in Monroe County and ordered it to reduce homeowners ...
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Subject: not sure your correct
Posted On: August 18, 2006, 1:36 pm CDT
Posted By: Keys man
Comment:
I do not believe that the statues regarding Citizens indicates a retro active refund will be in order, rather that they actually do not need to heed the commissioners request until the next rate filing. The wording that has been used is that Citizens is not required to "regurgitate" like other carriers when they get shot down on a rate change.
Kevin has done some things that have not been done in the Department for awhile, he has been more willing to look at rate filings than in the past, BUT to suggest that Citizens rates are above actuarial sound levels for Monroe county is just stupid. Actuarialy the county gets wiped out every 2 to 3 years on average. NO voluntary company would even consider writing wind exposure there, and a rate reduction for that county puts every other resident in the state at a MUCH higher chance of having another assessment to cover the wind claims in the keys.
Kevin it really does not matter what you do at this point, whoever gets elected will have no option but to replace you. residents in Key West might think your better today than yesterday, but you have not done anything to help them long term, they will ALWAYS be insured by Citizens or not insured at all.
Subject: not sure your correct
Kevin has done some things that have not been done in the Department for awhile, he has been more willing to look at rate filings than in the past, BUT to suggest that Citizens rates are above actuarial sound levels for Monroe county is just stupid. Actuarialy the county gets wiped out every 2 to 3 years on average. NO voluntary company would even consider writing wind exposure there, and a rate reduction for that county puts every other resident in the state at a MUCH higher chance of having another assessment to cover the wind claims in the keys.
Kevin it really does not matter what you do at this point, whoever gets elected will have no option but to replace you. residents in Key West might think your better today than yesterday, but you have not done anything to help them long term, they will ALWAYS be insured by Citizens or not insured at all.