Florida’s second largest property insurer is being hit with a fine of nearly $1.3 million.
Florida Insurance Commissioner Kevin McCarty announced that his office was assessing a fine against Universal Property & Casualty Insurance Co.
Universal has roughly 542,000 policyholders statewide and collects more than $765 million a year in premiums. Only Citizens Property Insurance Corp. has more residential customers.
A review by state regulators determined that Universal had unnecessary delays in paying claims. The company was also unable to prove that it timely mailed out cancellation notices or notices of non-renewal.
The president and chief executive officer for Universal stepped down from his position back in February while the review was still underway.
Universal has 21 days to decide if it wants to challenge the $1.26 million fine.
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