Universal Property & Casualty Insurance Company to pay $1.26 million fine, delayed paying claims
6:57 AM, Oct 8, 2013
9:56 AM, Oct 8, 2013
TALLAHASSEE, Fla. (AP) -- Florida's second largest property insurer is paying a fine of $1.26 million.
Florida Insurance Commissioner Kevin McCarty announced Monday that Universal Property & Casualty Insurance Company has agreed to pay the fine and change its business practices.
Universal has roughly 542,000 policyholders statewide and collects more than $765 million a year in premiums. Only Citizens Property Insurance Corp. has more customers.
State regulators earlier this year determined that Universal had unnecessary delays in paying claims. The company was also unable to prove that it mailed out cancellation notices or notices of non-renewal in a timely manner.
Universal initially challenged the proposed fine, but company officials signed a consent order with regulators last Friday.
That order requires the company to review nearly 300 claims it had previously denied.