1. Start a company with borrowed 5 million.
2. Create a MGA to administer (Ha) the company.
3 Charge 65% of the premiums for doing so.
4. Put together some bulls*it reinsurance
5. Give the keys to FIGA when the wind blows.
6. Let all the citizens and good carriers,if any are left to pay for your loses through FIGA assessments.
7. Pay off the 5 million loan and pocket the rest through your MGA.
Yes. It is a facade. The ruse is orchestrated by Sink (a banker with future political aspirations who does not understand insurance) and McCarty (a lifelong government employee-draw your own conclusions). It is designed to make it at once appear that the Florida market is expanding, and that Sink and McCarty are “tough regulators”. The only ones who lose are the consumers.
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These start up carriers are a PONZI!
1. Start a company with borrowed 5 million.
2. Create a MGA to administer (Ha) the company.
3 Charge 65% of the premiums for doing so.
4. Put together some bulls*it reinsurance
5. Give the keys to FIGA when the wind blows.
6. Let all the citizens and good carriers,if any are left to pay for your loses through FIGA assessments.
7. Pay off the 5 million loan and pocket the rest through your MGA.
WAKE UP! THIS IS THE PLAN IN PLACE
Yes. It is a facade. The ruse is orchestrated by Sink (a banker with future political aspirations who does not understand insurance) and McCarty (a lifelong government employee-draw your own conclusions). It is designed to make it at once appear that the Florida market is expanding, and that Sink and McCarty are “tough regulators”. The only ones who lose are the consumers.
Any of you guys have any facts?
bammbamm, I think Bernie Madoff spelled it out pretty well for you.
The MGA’s are owned by the same guys who own the fake Insurance company.
THESE ARE FACTS. read the other aarticles about the state making the MGA pay back the money they are syphoning off the carrier.