Some Florida insurance policyholders stand to recover more than $12 million in refunds thanks to state insurance investigators looking into complaints about unpaid claims and questionable sales.
The Division of Agents and Agency Services investigates violations in the Florida Insurance Code averaging $400 a month.
In one case, an 80-year old Hillsborough County woman contacted the state after the insurer failed to pay her $318,000 six months after her husband’s passing.
In another, a representative of a damaged commercial property in Hillsborough contacted the division about a claim that remained unpaid for approximately one year and now the policy was being non-renewed. After being contacted by the division, the insurer paid the claim, valued $188,000 within 10 days.
In another case, an insurance agent grossly mishandled the finances of a senior couple. Investigators allege that the agent had convinced the couple to surrender an annuity policy they bought from the agent for the sole purpose that the agent could receive a commission. Investigators were able to reverse the deal, with the insurer willing to pay the surrender portion of the policy, valued at some $60,000. Charges have been filed against the agent.
Was this article valuable?
Here are more articles you may enjoy.
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
