(a) the majority of property carriers do not serve as residual market servicing carriers anywhere in the country and have no desire to do so; (b)the whole concept exists in the Citizens law already on a voluntary basis, but Citizens failed to attract any carriers — i.e., no carriers found the idea attractive enough to try — so why shove a failed concept down carriers\’ throats; (c) FAIA\’s own report notes that Citizens had to disband the committee looking into this idea because \”while the concept is easy to describe in general terms, it turned out to be very difficult to implement in a fair, workable manner\” (Winds of Change, pg 67); (d) if Company A is already tapped out of wind capacity in Zone X, a state mandate to assume some percentage of the wind on any ex-wind policies it writes in Zone X is nothing short of a state order to cancel that ex-wind policy and send all the perils to Citizens — how\’s that going to improve the service?
about how insurance companies work. This will just create a barrier to entry for new companies and make it even harder for Florida to attract new insurers. This idea cannot die a fast enough death.
How is charging non-residents with secondary homes in Florida more than Floridians with secondary homes constitutional? Floridians choose to live there, don\’t make the outsiders pay for their choices.
Gottabekidding me makes solid points. To add to that stream of thought, where exactly is this \”better customer service\” supposed to come from? The \”real\” carriers already cannot handle what they have. And in addition to taking on some of the highest risk exposures while retaining \”a percentage\” of the premium from which to pay claims, who\’s best interest is going to be served in the payment amount of the indemnity loss? My concern is for the poor shmuck who has an assigned carrier who is looking to turn a profit by short changing their policyholder. What qualifications will be set for those who want to be assigned risk carriers? They would be better off increasing the amount of the takeout bonus. That is the only way that the JUA-cum-Citizens has been able to reduce their book and exposure. In conjunction with the current rate making process, you might see enough risk transfer to make a difference and again invite business into the State.
This is part of the push by take outs to get at those bonus dollars. If Citizens went into the red, what makes you think a new start-up won\’t? There will then be another outcry to create another Citizens-like entity. Agents will get sued because FIGA won\’t pay above 300000.
FAIA is doing independent agents a disservice.
This cant get passed fast enough- you should hear the complaints of adjusters working inside Citizens about the disorganization,non payment of the adjuster payments causing many to want to leave assignments which would be detrimental to FL policyholders because they can\’t get paid and an electronic
claim file nightmare within. We hear complaints daily on these issues as well as complaints about the large number of inexperienced adjusters sent in to work claims in many cases.
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Who\’s the great ideas man at FAIA? Someone has an ulterior motive not yet spoken of.
\”I\” stand for ignorant
(a) the majority of property carriers do not serve as residual market servicing carriers anywhere in the country and have no desire to do so; (b)the whole concept exists in the Citizens law already on a voluntary basis, but Citizens failed to attract any carriers — i.e., no carriers found the idea attractive enough to try — so why shove a failed concept down carriers\’ throats; (c) FAIA\’s own report notes that Citizens had to disband the committee looking into this idea because \”while the concept is easy to describe in general terms, it turned out to be very difficult to implement in a fair, workable manner\” (Winds of Change, pg 67); (d) if Company A is already tapped out of wind capacity in Zone X, a state mandate to assume some percentage of the wind on any ex-wind policies it writes in Zone X is nothing short of a state order to cancel that ex-wind policy and send all the perils to Citizens — how\’s that going to improve the service?
about how insurance companies work. This will just create a barrier to entry for new companies and make it even harder for Florida to attract new insurers. This idea cannot die a fast enough death.
Virtually every insurance company and insurance trade organization already has told FAIA they hate the idea.
and the high risk account will save $ hundreds of millions.
How is charging non-residents with secondary homes in Florida more than Floridians with secondary homes constitutional? Floridians choose to live there, don\’t make the outsiders pay for their choices.
Gottabekidding me makes solid points. To add to that stream of thought, where exactly is this \”better customer service\” supposed to come from? The \”real\” carriers already cannot handle what they have. And in addition to taking on some of the highest risk exposures while retaining \”a percentage\” of the premium from which to pay claims, who\’s best interest is going to be served in the payment amount of the indemnity loss? My concern is for the poor shmuck who has an assigned carrier who is looking to turn a profit by short changing their policyholder. What qualifications will be set for those who want to be assigned risk carriers? They would be better off increasing the amount of the takeout bonus. That is the only way that the JUA-cum-Citizens has been able to reduce their book and exposure. In conjunction with the current rate making process, you might see enough risk transfer to make a difference and again invite business into the State.
This is part of the push by take outs to get at those bonus dollars. If Citizens went into the red, what makes you think a new start-up won\’t? There will then be another outcry to create another Citizens-like entity. Agents will get sued because FIGA won\’t pay above 300000.
FAIA is doing independent agents a disservice.
This cant get passed fast enough- you should hear the complaints of adjusters working inside Citizens about the disorganization,non payment of the adjuster payments causing many to want to leave assignments which would be detrimental to FL policyholders because they can\’t get paid and an electronic
claim file nightmare within. We hear complaints daily on these issues as well as complaints about the large number of inexperienced adjusters sent in to work claims in many cases.