Why the hell would the state allow Poe group continue to sell and operate in the state after s-crewing everyone. The Insurance Commissioner is either naive or in on it.
Thats not it, he has nothing to do with it.
The assessments for the companies going broke has always been distributed to every policyholder one way or another. This was always caused by the people in the DOI who let companies write cheap insurance when they wouldn’t be able to pay when the chickens came home to roost. People bought the Poe policies knowing they were broke but the Government would pay there claims.
That is partially correct. Many of the people written by Poe were not aware of thier financial distress and then they were allowed another huge take out to try to save the day.
Fred you are right, the take outs probably had no choice, but the Condo’s did. The State would not be so much in the hole if they let Poe increase the rates when they wanted to. The company still would be tubesville but the assessments would be less.
These “jackass” politicians hail the take out companies, but for the most part there is not a substantial backer for 99% of them.
You had to know that the way the DOI structured the assessments, that the insurance companies would take the blame for the idiotic situation in Florida. They surpress rates and push everyone possible into the state company and then assess every other coverage written in the market, even surety, to cover their stupid law and then make it appears that the companies are the ones assessing the abused citizens of Florida. Politics at it’s best. Congratulations Florida.
What a crock! McCarty is pissing and moaning about NCCI coming up with a recommendation of cutting work comp rates by approx 15%. THat wasn’t good enough it needed to be 18%. But it’s okay to zing the consumer with another 2% for the state’s inept handling of insurance. So now we will have 5 surcharges on a commercial policy. We better pray that no CAT storms hit Florida within the next 5 years, cause as Citizens grows so does the liablity by the Florida consumer. Florida will not be able to secure enough credit to pay the tab of a Hurricane Katrina type hitting us.
Oh what am I saying, the Citizens issue is the agents fault, we make too much money according to the citizens board.
hey dot, you were aware that some of the changes that Crist put in place with the help of the legislature have put Florida under the gun? I believe i saw a study put out a few months ago that stated that if one or more CAT 3 hurricanes hit the state that all P&C lines would probably see a 10% assessment for the next 8 years. The biggest reason why? Because the rates that they told Citizens to charge are not financially sound.
caffiend you are absolutely correct. When insurance companies filed for their rate increases last year, they were told by the I.C. that they needed to go back and use the 100 year plan, not the 72 year plan their rate increases were based on. Which meant higher increases, right.
What happened in January 07, Citizens releases rates based on a 50 Year Plan. A 50 Year Plan. So they reduced their rates, undercut the market place and charged rates not financially sound. All in hopes that the Federal Govt will bail them out in case of a disaster. Of course Florida property owners and taxpayers will be there anyways.
‘I do not feel I should have to pay for incompetance in the insurance industry. Repeal this assessment!!!! This is totally unfair.’
Incompetence in the insurance industry?
Didn’t the industry point out to the socialists down there that rates weren’t adequate? For any of the insurers?
Totally unfair? You mean unfair as in your governer expecting insureds from other states where, by the way, they know how to get rate adequate (that means collect enough in advance for the claims that will come dot, for people like you who are new to insurance). Totally unfair? Well, I hate to harsh your buzz, but you can expect a few more ‘hits’ of unfairness, party girl. When your elected government decided to get jiggy with it you should have known it would be unfair, not just for you but for everybody, including the insurance industry.
That’s easy Chuckles, Brown and Brown knew that the state FIGA would end up guaranteeing their business, at the consumers expense. Yet B&B posted record profits and hit the billion $ mark. Why should they absorb any losses from their defunct insurance companies when the state will bail them out? Let someone else pay for it mentality.
Brown & Brown has nothing to do with the Poe companies. Bill Poe walked away from B&B years ago to start his own companies. As an ex-employee I’m no fan of B&B but Poe’s collapse had nothing to do with them.
What upsets me most is the stupid letter Poe Group sends out trying to steal back the crappy business they stole before agents choice. Time to shut http://www.poeagency.com down once and for all.
Why the hell would the state allow Poe group continue to sell and operate in the state after s-crewing everyone. The Insurance Commissioner is either naive or in on it.
And in a related story, the Florida DOI approved the take out of 174,000 policies into 4 companies no one has ever heard of.
Why should I have to pay extra when I made a decision to buy my insurance from a company that could pay claims?
Because Charlie Crist is a Socialist.
Thats not it, he has nothing to do with it.
The assessments for the companies going broke has always been distributed to every policyholder one way or another. This was always caused by the people in the DOI who let companies write cheap insurance when they wouldn’t be able to pay when the chickens came home to roost. People bought the Poe policies knowing they were broke but the Government would pay there claims.
That is partially correct. Many of the people written by Poe were not aware of thier financial distress and then they were allowed another huge take out to try to save the day.
Fred you are right, the take outs probably had no choice, but the Condo’s did. The State would not be so much in the hole if they let Poe increase the rates when they wanted to. The company still would be tubesville but the assessments would be less.
These “jackass” politicians hail the take out companies, but for the most part there is not a substantial backer for 99% of them.
You had to know that the way the DOI structured the assessments, that the insurance companies would take the blame for the idiotic situation in Florida. They surpress rates and push everyone possible into the state company and then assess every other coverage written in the market, even surety, to cover their stupid law and then make it appears that the companies are the ones assessing the abused citizens of Florida. Politics at it’s best. Congratulations Florida.
What a crock! McCarty is pissing and moaning about NCCI coming up with a recommendation of cutting work comp rates by approx 15%. THat wasn’t good enough it needed to be 18%. But it’s okay to zing the consumer with another 2% for the state’s inept handling of insurance. So now we will have 5 surcharges on a commercial policy. We better pray that no CAT storms hit Florida within the next 5 years, cause as Citizens grows so does the liablity by the Florida consumer. Florida will not be able to secure enough credit to pay the tab of a Hurricane Katrina type hitting us.
Oh what am I saying, the Citizens issue is the agents fault, we make too much money according to the citizens board.
I do not feel I should have to pay for incompetance in the insurance industry. Repeal this assessment!!!! This is totally unfair.
hey dot, you were aware that some of the changes that Crist put in place with the help of the legislature have put Florida under the gun? I believe i saw a study put out a few months ago that stated that if one or more CAT 3 hurricanes hit the state that all P&C lines would probably see a 10% assessment for the next 8 years. The biggest reason why? Because the rates that they told Citizens to charge are not financially sound.
caffiend you are absolutely correct. When insurance companies filed for their rate increases last year, they were told by the I.C. that they needed to go back and use the 100 year plan, not the 72 year plan their rate increases were based on. Which meant higher increases, right.
What happened in January 07, Citizens releases rates based on a 50 Year Plan. A 50 Year Plan. So they reduced their rates, undercut the market place and charged rates not financially sound. All in hopes that the Federal Govt will bail them out in case of a disaster. Of course Florida property owners and taxpayers will be there anyways.
‘I do not feel I should have to pay for incompetance in the insurance industry. Repeal this assessment!!!! This is totally unfair.’
Incompetence in the insurance industry?
Didn’t the industry point out to the socialists down there that rates weren’t adequate? For any of the insurers?
Totally unfair? You mean unfair as in your governer expecting insureds from other states where, by the way, they know how to get rate adequate (that means collect enough in advance for the claims that will come dot, for people like you who are new to insurance). Totally unfair? Well, I hate to harsh your buzz, but you can expect a few more ‘hits’ of unfairness, party girl. When your elected government decided to get jiggy with it you should have known it would be unfair, not just for you but for everybody, including the insurance industry.
That’s easy Chuckles, Brown and Brown knew that the state FIGA would end up guaranteeing their business, at the consumers expense. Yet B&B posted record profits and hit the billion $ mark. Why should they absorb any losses from their defunct insurance companies when the state will bail them out? Let someone else pay for it mentality.
Brown & Brown has nothing to do with the Poe companies. Bill Poe walked away from B&B years ago to start his own companies. As an ex-employee I’m no fan of B&B but Poe’s collapse had nothing to do with them.
Thanks for the correction. My error.
What upsets me most is the stupid letter Poe Group sends out trying to steal back the crappy business they stole before agents choice. Time to shut http://www.poeagency.com down once and for all.
Send the 2% to Poe Group in Tampa.