Florida Supports Mississippi Suit Against Flood Insurance Hikes

By | October 16, 2013

  • October 16, 2013 at 2:30 pm
    Boonedoggle says:
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    The efforts of the Florida Governor and Attorney General should more appropriatly be directed to creating a private or State funded/operated flood insurance facility.

    They obviously have more expertise and actuarialy knowledge than the FEMA officials charged to implement Biggert-Waters.

  • October 16, 2013 at 3:30 pm
    MEH says:
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    Biggert-Waters Flood Reform Act of 2012 to be effective October 1, 2013. What took so long to get on board? Must be the time it takes to actually understand it.

  • October 16, 2013 at 7:02 pm
    cotyre says:
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    obviously we do have more knowledge than FEMA down here boonedoggle. Lets see- Congress is trying to close one subsidy program because its bankrupt and yet they are starting another subisdy program known as Obamacare. Makes a lot of sense right? Floridians have paid over 5 times more into the program than the claims that were made. Compare that to other states and I believe you will see why Floridians are upset.

    • October 17, 2013 at 3:11 pm
      InsGuy says:
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      As I said in another post about MA, fine cotyre – Why not vote to excuse yourself from NFIP, FEMA and Army COE activities (incl. the monetary transfers than accompany participation) and go your merry way.

      You guys obviously know better on how manage, fund, settle, mitigate risk and develop premium. SO DO IT, and get your hands out of everyone else’s pocket, eh?

  • October 18, 2013 at 6:56 am
    Mulligan says:
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    Certainly part of the solution is to not pay a 30% commission on these policies. The only people making out are the carriers as they hold no responsibility and will collect thousands on ludicrous policies.

    • October 28, 2013 at 10:51 pm
      John says:
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      Mulligan– in the real world, carriers have to pay 20% to the retail insurance agent and 5% to a TPA that deals with FEMA’s bureacracy, so that leaves the carrier with 5%. Some agents even get 22 or 23% which leaves the carrier with less than 5%. If you want a villain, it’s the independent insurance agent, not the carrier.

      Could they shave 10 points off the commission? — yes.



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