Officials File Civil Lawsuit against 3 Former Florida Insurance Companies

April 1, 2008

  • April 1, 2008 at 3:07 am
    Tom says:
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    Florida CFO Sink complains that Florida taxpayers had to foot the bill to pay claims when the Poe companies became insolvent.

    Think about it – the Florida cat fund is technically insolvent now, and has a clearly articulated plan to impose assessements (taxes) on virtually all Florida residents to pay claims.

    Does anybody else see the irony in this?

    Plus, what a way to attract private enterprise to the state. Force rates to artificially low and actuarially unsound levels, then when the predictable insolvencies occur, sue the directors and management of the company. Brilliant!

    The State of Florida is an embarrassment.

  • April 1, 2008 at 3:42 am
    Rick Williams says:
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    One problem with your argument is that Poe created their own low rates and then did not manage the risk they took. The problem I have here is that FIGA is stating they will have to assess $789 million while they have paid out $1.1 billion in claims. How could the DFS not notice this mess earlier. Poe only had just over $300 million in net worth?

  • April 1, 2008 at 5:31 am
    Retired says:
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    When Citizens goes belly up, we can then sue Crist, Sink, McCarthy, and all of the legislators for the debt they have created with the artificially low rates. After all, we can not sue Citizens because of legislation passed by the people we sent to Tallahassee to represent us. So we have to sue the C.F.O’s.

  • April 2, 2008 at 8:10 am
    tribbs182 says:
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    Have any of the media outlets who race to blast Sink’s press release across their front page looked into FIGA’s handling of Poe’s claims. 3 assessments in the 2 years since FIGA took over Poe’s claims; how much effort is being put into investigating the claims to encourage appropriate settlements?

    Perhaps Poe did have a bad business strategy, but I think it’s also necessary to look at the who’s been in charge (and cutting checks) since the receivership?

    By the way, how much are taxpayers spending to pursue this lawsuit? And to continue defending the lawsuit Poe filed against Citizens 2 years ago?

  • August 4, 2008 at 7:12 am
    Louis Green says:
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    How do I file a class action suit ?



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