another one bites the dust… how many more are going to fall, because of the state’s home owner insurance? will the fl casualty be able to handle it? will many lawsuits go against the govenor as well as the state insurance commisioner? wait till we get to hurricane season!!!
Companies can fail anyway regardless if regulated or not. Can’t blame a private business failure entirely on the government. What happened with the company’s business plan. The article states their volume was reduced quite a bit but why? The state is liquidating company due to failure to comply with solvency statutes which is what is supposed to be done.
Notice the date of this article, James Irl made millions, now we all have to bail him out with FIGA assessments etc. This is the plan. Create an MGA then let the company go bust!
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Ivan Penn, Times Staff Writer
In Print: Sunday, November 23, 2008
The owner of a private insurance company approved by the state to assume the largest number of policies from Citizens Property Insurance Corp. has an almost two-decade history of not paying personal bills.
At one point, it got so bad that a judge ordered Henry James Irl’s own insurance company — the very one the state approved to take out about 116,000 policies from Citizens this year — to garnishee his wages to repay some of his debt.
“You have to wonder how he would pass (the Office of Insurance Regulation) examination,” said Bill Newton, executive director of the Florida Consumer Action Network. “It’s got to shake the consumers’ confidence to read something like this, to read this guy is a deadbeat.”
Magnolia Insurance is one of 14 private firms that are part of an increasingly aggressive move by the Legislature to reduce the number of policies held by state-run insurer Citizens Property Insurance. Of the 14, Magnolia was approved to take out the most policies, more than a quarter of the almost half-million policies approved for takeout by the end of December.
I will blame this on the gov’t. See Sarah’s article. There was no oversight into who was running these take-out companies. Gov. Crist knew he needed to shrink Citizens, but he didn’t want to let private companies charge actuarially sound rates. Solution – Incent start up companies by providing a small amount of capital…probably w/out a real business plan & hope you’re out of office before a hurricane hits. Unfortunately for Charlie, these companies are SO poorly capitalized that they’re going under with clear skies.
To bad we can’t have the employees of the dept of insurance re-write all these policies for us. It is overwhelming and unfair to have 30 days to re-write 100’s of thousand’s of policies. I am a Dade county agent and we basically have only one option; to put these risk right back into Citizens. I feel like a dog chasing my own tail, What a disgrace. I will not allow anymore takeout companies to touch my hard work book of business. Thank you Mr Mc Carty and Mr Christ. May your political lifes feel the same pain we agents are feeling right now.
the reason they have reduced volume is because they have been not renewing any policies since December when they were placed under administrative supervision by the State… and yes companies can fail on their own but it seems like the State has to take some blame or responsibility for not using due diligence to check out some of these companies better before approving them to do business her in Florida!! OH and hurricane season starts in 26 days….
another one bites the dust… how many more are going to fall, because of the state’s home owner insurance? will the fl casualty be able to handle it? will many lawsuits go against the govenor as well as the state insurance commisioner? wait till we get to hurricane season!!!
Companies can fail anyway regardless if regulated or not. Can’t blame a private business failure entirely on the government. What happened with the company’s business plan. The article states their volume was reduced quite a bit but why? The state is liquidating company due to failure to comply with solvency statutes which is what is supposed to be done.
Notice the date of this article, James Irl made millions, now we all have to bail him out with FIGA assessments etc. This is the plan. Create an MGA then let the company go bust!
————————————–
Ivan Penn, Times Staff Writer
In Print: Sunday, November 23, 2008
The owner of a private insurance company approved by the state to assume the largest number of policies from Citizens Property Insurance Corp. has an almost two-decade history of not paying personal bills.
At one point, it got so bad that a judge ordered Henry James Irl’s own insurance company — the very one the state approved to take out about 116,000 policies from Citizens this year — to garnishee his wages to repay some of his debt.
“You have to wonder how he would pass (the Office of Insurance Regulation) examination,” said Bill Newton, executive director of the Florida Consumer Action Network. “It’s got to shake the consumers’ confidence to read something like this, to read this guy is a deadbeat.”
Magnolia Insurance is one of 14 private firms that are part of an increasingly aggressive move by the Legislature to reduce the number of policies held by state-run insurer Citizens Property Insurance. Of the 14, Magnolia was approved to take out the most policies, more than a quarter of the almost half-million policies approved for takeout by the end of December.
I will blame this on the gov’t. See Sarah’s article. There was no oversight into who was running these take-out companies. Gov. Crist knew he needed to shrink Citizens, but he didn’t want to let private companies charge actuarially sound rates. Solution – Incent start up companies by providing a small amount of capital…probably w/out a real business plan & hope you’re out of office before a hurricane hits. Unfortunately for Charlie, these companies are SO poorly capitalized that they’re going under with clear skies.
To bad we can’t have the employees of the dept of insurance re-write all these policies for us. It is overwhelming and unfair to have 30 days to re-write 100’s of thousand’s of policies. I am a Dade county agent and we basically have only one option; to put these risk right back into Citizens. I feel like a dog chasing my own tail, What a disgrace. I will not allow anymore takeout companies to touch my hard work book of business. Thank you Mr Mc Carty and Mr Christ. May your political lifes feel the same pain we agents are feeling right now.
the reason they have reduced volume is because they have been not renewing any policies since December when they were placed under administrative supervision by the State… and yes companies can fail on their own but it seems like the State has to take some blame or responsibility for not using due diligence to check out some of these companies better before approving them to do business her in Florida!! OH and hurricane season starts in 26 days….
Anyone heard anything on Olympus? Recently changed their guidelines but there’s been radio silence on the OIR issue.