With Hurricane Ian approaching, Florida says another insurance company is insolvent [Miami Herald]
State regulators Friday asked a judge to place a property-insurance company in receivership, making it the sixth
The
Despite shedding the policies,
“Respondent [
READ MORE: Homeowners insurance in
Insurance Commissioner
The filing was another sign of trouble in Florida’s property-insurance system. Other insurers declared insolvent since February were
Those insolvencies have contributed to massive growth in the number of customers pouring into the state-backed
The latest declaration of insolvency is another blow the fragile state of property insurance in
A document presented to the Citizens
Before that order,
Court documents indicate that the
“Despite capital infusions, Respondent’s [financial] surplus continued to decline, and its underwriting losses continued to increase throughout the remainder of 2020 and into and throughout 2021,” the court petition said.
Along with canceling policies and agreeing to transfer the remaining policies to Monarch, the Sunrise-based
When property insurers become insolvent, the non-profit
FIGA already is using money from assessments of 1.3% and 0.7% to pay costs related to other insolvencies. Its board last month approved a plan to borrow
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