What is regualatory risk? How is it that a department that is supposed to ensure:
rates are adequate, not excessive, and non discriminatory ever get in a position to become a risk?
How is it that the average floridian is incapable of figuring out that if a governmental unit is preventing functioning of the private market that everyone will end up paying.
For what it’s worth this is obviously one of the worst run DOI’s in the US. They have created little competition and have no heavily capitalized insurance companies offering coverage. Instead they have created marketplace that invites failure and then practicly assures it with onerous regulation and artificial price constraints. Hard to imangine a worse insurance enviroment in the US than what they have created with property coverage.
Pretty sure the solution will be to continue to restrict rate increased and assess the few remaining carriers. Great enviroment to attract capital.
looks like the people of Fl will have to self insure. those with more than 2 flood losses should. the rest can band together if they want to live on the coast.
Florida\’s regulators are the biggest collection of government slackers even put together in one place. Not one of them could make it in the real world. They live, therefore to torment insurance carriers who typically are staffed by competent personnel. It\’s the only chance McCarty\’s island of Gay and Misfit Toys will ever have to feel superior to anyone.
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What is regualatory risk? How is it that a department that is supposed to ensure:
rates are adequate, not excessive, and non discriminatory ever get in a position to become a risk?
How is it that the average floridian is incapable of figuring out that if a governmental unit is preventing functioning of the private market that everyone will end up paying.
For what it’s worth this is obviously one of the worst run DOI’s in the US. They have created little competition and have no heavily capitalized insurance companies offering coverage. Instead they have created marketplace that invites failure and then practicly assures it with onerous regulation and artificial price constraints. Hard to imangine a worse insurance enviroment in the US than what they have created with property coverage.
Pretty sure the solution will be to continue to restrict rate increased and assess the few remaining carriers. Great enviroment to attract capital.
looks like the people of Fl will have to self insure. those with more than 2 flood losses should. the rest can band together if they want to live on the coast.
I think a rate reduction is called for for all higher end property owners in FL.
Florida\’s regulators are the biggest collection of government slackers even put together in one place. Not one of them could make it in the real world. They live, therefore to torment insurance carriers who typically are staffed by competent personnel. It\’s the only chance McCarty\’s island of Gay and Misfit Toys will ever have to feel superior to anyone.