Jeb and the Cabinet just made it near impossible to be a good fiduciary by trying to collect enough money to pay catastrophe claims. Good thing the board has statutory immunity!
This is, of course, insane. The board runs Citizens, not the governor and the cabinet.
If Citizens is supposed to charge actuarially sound rates, then they have a duty to contest a rejection if the board and management believes that the reduced rate is insufficient.
Florida politicians are STILL refusing to recognize the basic truths that: (1) they live in a catastrophe prone area, (2)_the insurance and reinsurance industry has to make money or they will leave, and (3)failure to pay attention to development and climate will catch up to them. They still won\’t apply the same construction code to the pandhandle!
At the same time, a state know for heavy handed and irrational regulation thinks the solution is more of the same. As I said, this is just plain insane.
I believe the Citizens board has just as much responsibility to the people of Florida that are NOT insured by them, if the rates are not adequate it is the 80% of the state that has other carriers that pays the difference in the form of assessments. Politicians have an obvious agenda to make it LOOK like they are doing something for the people. These board members have a JOB that requires them to be financially sound and keep things running. The best part of this fiasco is that the board is appointed by the politicians that are fighting with them.
Proof that politicians do not know what is going on in the real world.
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Jeb and the Cabinet just made it near impossible to be a good fiduciary by trying to collect enough money to pay catastrophe claims. Good thing the board has statutory immunity!
This is, of course, insane. The board runs Citizens, not the governor and the cabinet.
If Citizens is supposed to charge actuarially sound rates, then they have a duty to contest a rejection if the board and management believes that the reduced rate is insufficient.
Florida politicians are STILL refusing to recognize the basic truths that: (1) they live in a catastrophe prone area, (2)_the insurance and reinsurance industry has to make money or they will leave, and (3)failure to pay attention to development and climate will catch up to them. They still won\’t apply the same construction code to the pandhandle!
At the same time, a state know for heavy handed and irrational regulation thinks the solution is more of the same. As I said, this is just plain insane.
I believe the Citizens board has just as much responsibility to the people of Florida that are NOT insured by them, if the rates are not adequate it is the 80% of the state that has other carriers that pays the difference in the form of assessments. Politicians have an obvious agenda to make it LOOK like they are doing something for the people. These board members have a JOB that requires them to be financially sound and keep things running. The best part of this fiasco is that the board is appointed by the politicians that are fighting with them.
Proof that politicians do not know what is going on in the real world.