Kevin McCarty isn’t a good regulator. He is more of a political cronie of Charlie Crist. Both of them have had an extremely negative impact on the stability of the insurance system in Florida. Just look at all the problems in Florida and how he has lied about the solvency of insurers and endorsed thinly capitalized, start up insurers while chasing deep pocket, financially stable companies out of the state. He was also instrumental in massively expanding the CAT Fund and Citizens, a bad deal for Florida consumers.
Let’s hope McCarty doesn’t get the chance to spread his warped regulatory ideas to other areas of the country. he’s already been a disaster for Florida.
I dont think either candidate will keep him. It would be a crazy move. You are correct Arthro, he was a pawn of Crist…good riddance. Hope Charlie can find him a new job. Hopefully it wont be in government.
Can’t blame the regulator for everything that goes wrong in the market. Companies who went down are to blame and need to be responsible for their actions – conservative thought.
While he is not my favorite regulator either, it was the legislature that really messed everything up. Freezing Citizens rates at inadequate levels for 3 years has killed the market. Everything else was caused by that and the ill advised Reinsurance CAT Fund.
McCarty is a smart guy, whether you like him or not. If he had given in on big and sudden rate hikes, the Legislature would have been up in arms and imposed another cap. Simply letting the free market run wild would have made matters even worse, not just for insureds, agents and insurers but for the state’s entire battered economy. Just calling for free markets is not a solution, it’s a slogan. He had to labor between a rock (Legislature) and a hard place (Crist). He will be gone for sure if Sink is elected, as FAIA wants him out and they have endorsed and are very tight with her. But the Commissioner is only so powerful. He can’t solve the whole problem by himself anymore than he created it by himself — insurance companies, the Governor and lawmakers are all in this. Oh, and public adjusters, too:) Also– don’t judge McCarty just by the HO market. Be fair. Look around– other markets are in pretty good shape. Despite all the turmoil, agents have done fairly well, no?
What happens if Sink is elected.
Will she fire him?
Kevin McCarty isn’t a good regulator. He is more of a political cronie of Charlie Crist. Both of them have had an extremely negative impact on the stability of the insurance system in Florida. Just look at all the problems in Florida and how he has lied about the solvency of insurers and endorsed thinly capitalized, start up insurers while chasing deep pocket, financially stable companies out of the state. He was also instrumental in massively expanding the CAT Fund and Citizens, a bad deal for Florida consumers.
Let’s hope McCarty doesn’t get the chance to spread his warped regulatory ideas to other areas of the country. he’s already been a disaster for Florida.
McCarty is Charlie Crist’s Bit*h.
I dont think either candidate will keep him. It would be a crazy move. You are correct Arthro, he was a pawn of Crist…good riddance. Hope Charlie can find him a new job. Hopefully it wont be in government.
Maybe if the whole commissioner thing doesn’t work out Bankers Insurance will hire him.
eom
Nothing’s gonna change no matter who’s in the DOI seat. This is Florida people, we BREED greedy, crooked public officials.
Can’t blame the regulator for everything that goes wrong in the market. Companies who went down are to blame and need to be responsible for their actions – conservative thought.
Karl, I don’t get the “Bankers” comment…is this a shot at Jay?
While he is not my favorite regulator either, it was the legislature that really messed everything up. Freezing Citizens rates at inadequate levels for 3 years has killed the market. Everything else was caused by that and the ill advised Reinsurance CAT Fund.
McCarty is a smart guy, whether you like him or not. If he had given in on big and sudden rate hikes, the Legislature would have been up in arms and imposed another cap. Simply letting the free market run wild would have made matters even worse, not just for insureds, agents and insurers but for the state’s entire battered economy. Just calling for free markets is not a solution, it’s a slogan. He had to labor between a rock (Legislature) and a hard place (Crist). He will be gone for sure if Sink is elected, as FAIA wants him out and they have endorsed and are very tight with her. But the Commissioner is only so powerful. He can’t solve the whole problem by himself anymore than he created it by himself — insurance companies, the Governor and lawmakers are all in this. Oh, and public adjusters, too:) Also– don’t judge McCarty just by the HO market. Be fair. Look around– other markets are in pretty good shape. Despite all the turmoil, agents have done fairly well, no?
He was appointed and did what any good “employee” does – he met his job objectives. Working for Crist is not a job I would want.
Sorry, it was a somewhat inappropriate reference to McCarty’s successful personal lawsuit against the company.