Sept. 08--With one hand, Florida regulators slapped the wrist of the state's largest private insurer with a $1.3 million fine for rules violations this year. They also found Universal Property and Casualty Insurance Co. said it lost money but shifted tens of millions of dollars to affiliated companies by paying them above-average fees for services.
With the other hand, the state's Office of Insurance Regulation waved through the company's rate increase of 14.1 percent, or about $107 million -- without a public hearing or any involvement by the state's insurance consumer advocate, records reviewed by The Palm Beach Post show.
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