the mga’s would be “critical” to the insurance company’s banking more money and having less to pay claims with so that they can cry misery and raise our rates.. that makes sense.
“Because of the situation we have in Florida, it is really the only mechanism that attracts capital to Florida, this internally-owned MGA,” says Grady.
Don’t forget that the system we have here was created by govt over-regulation, price controls, and a lot of politicizing of insurance. MGAs aren’t the only mechanism that attracts capital to Florida – the free market does. Maybe we chould try that idea???
MGAs are another potential headache for the insurance industry in Florida. It may not be widespread as many believed, but the industry is going to get a black eye as soon as the first hurricane hits and one of these companies go under. It will be another example of insurance companies abusing customers by skimmimg premiums off the top, then using bankruptcy as an exit strategy.
1. Start a company with borrowed 5 million.
2. CREATE AN MGA to administer (Ha) the company.
3 Charge as much of the premiums for doing so as you can get away with.
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
Look into the finances of these people who say that carrier owned MGA’s are vital. I bet you will find a financial interest in the MGA’s. ITS A PONZI SCHEME
These agent associations and politicians are very much involved with these carriers financially and they pay big bucks for their booths and parties to the associations and political campaigns to the politicans. Just something to keep in mind when you hear a statement regarding the way in which these carriers operate within the State.
the mga’s would be “critical” to the insurance company’s banking more money and having less to pay claims with so that they can cry misery and raise our rates.. that makes sense.
“Because of the situation we have in Florida, it is really the only mechanism that attracts capital to Florida, this internally-owned MGA,” says Grady.
Don’t forget that the system we have here was created by govt over-regulation, price controls, and a lot of politicizing of insurance. MGAs aren’t the only mechanism that attracts capital to Florida – the free market does. Maybe we chould try that idea???
MGAs are another potential headache for the insurance industry in Florida. It may not be widespread as many believed, but the industry is going to get a black eye as soon as the first hurricane hits and one of these companies go under. It will be another example of insurance companies abusing customers by skimmimg premiums off the top, then using bankruptcy as an exit strategy.
That’s a good one, free market for insurance in Florida! Ha ha….
These start up carriers are a PONZI!
1. Start a company with borrowed 5 million.
2. CREATE AN MGA to administer (Ha) the company.
3 Charge as much of the premiums for doing so as you can get away with.
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
Look into the finances of these people who say that carrier owned MGA’s are vital. I bet you will find a financial interest in the MGA’s. ITS A PONZI SCHEME
Vital to the stockholders of the carrier to give them a way to pocket the money of the carriers they are supposed to be managing.
Why not just leave the money in the carriers or hire an independent unaffiliated Third Party Administrator to handle the carriers.
These agent associations and politicians are very much involved with these carriers financially and they pay big bucks for their booths and parties to the associations and political campaigns to the politicans. Just something to keep in mind when you hear a statement regarding the way in which these carriers operate within the State.