Mike Yaworsky fines 8 insurance companies for ‘misconduct’ during recent hurricanes

Areas slammed by Hurricane Ian have been described as like a 'war zone.'

Insurance Commissioner Mike Yaworsky is issuing fines against eight insurance carriers for what is being described as “misconduct” during recent hurricanes in the state.

Yaworsky said he is instituting $2.075 million in penalties against the companies for their handling of property damage claims from Hurricane Ian, which struck the state near Cayo Costa in September 2022, and Hurricane Idalia, which hit the Big Bend area of the state in August 2023.

Yaworsky said the companies used insurance adjusters that are not properly appointed to assess property damage. He said the adjusters were used in several areas of the state after the storms wreaked havoc and heavy damage.

The companies also allegedly did not acknowledge receipt of claims and did not respond in a timely manner, according to a news release published Tuesday.

Those companies also were “failing to provide homeowners claims bill of rights, failing to pay interest when owed” along with additional issues. Yaworsky said two other companies are still under investigation.

“Capital is pouring in, and the market is stabilizing, but our office holds insurers to high standards. It is important that consumers have confidence that they are getting what they pay for,” Yaworsky said.

“The Office of Insurance Regulation (OIR) stands ready to fulfill oversight duties assigned by the Legislature and make sure Floridians are being treated fairly, especially after hurricanes. Insurer accountability and consumer protection will always take priority — we want companies to thrive, but companies must also be worthy of doing business in our state.”

The insurance companies facing the fines include:

— $400,000 for American Coastal Insurance Co.

— $400,000 for American Mobile Insurance Exchange

— $100,000 for Centauri Specialty Insurance Co.

— $400,000 for Clear Blue Insurance Co.

— $325,000 for Monarch National Insurance Co.

— $50,000 for Sutton National Insurance Co.

— $250,000 for Tower Hill Prime Insurance Co.

— $150,000 for TypTap Insurance Co.

Chief Financial Officer Blaise Ingoglia said state officials will hold insurance carriers accountable if they don’t follow regulations.

“These fines are proof positive that we are committed to holding them accountable. Floridians can rest assured that I am actively watching insurers, and I will not hesitate to enter the fight on behalf of consumers and policyholders. With peak hurricane season approaching, it is more important than ever to ensure that insurance companies are keeping their promises to their customers,” Ingoglia said.