TALLAHASSEE, Fla. — State insurance regulators announced Monday they are ordering more fines related to how companies handled claims following Hurricanes Ian and/or Idalia.
Insurance Commissioner Mike Yaworsky said his office has issued penalties of $250,000 each against Kin Interinsurance Network and Slide Insurance Company.
WATCH BELOW: 8 Florida insurers fined in September
In the examination against Kin, regulators said they found that the company failed to provide disclosure statements for both hurricanes and failed to pay or deny claims within 90 days for Hurricane Ian.
For the examination against Slide, officials said they found the company used unappointed adjusters and failed to provide disclosure statements for both Ian and Idalia.
Click here to view the examination reports.
The latest fines come after WPTV reported in September that the Florida Office of Insurance Regulation (OIR) fined eight insurance companies related to claims from Ian/Idalia.
Yaworsky said Monday that this now finalizes OIR's market conduct examinations against 10 companies for claims-handling operations from the two storms that hit the state in 2022 and 2023.
Officials said the penalties issued by the state now total $2,575,000, and the fines assessed by OIR won't negatively affect policyholder insurance rates.
"I made a promise to all Floridians that, as Chief Financial Officer, I would be an advocate for insurance policyholders and hold insurance companies accountable to the contract they have signed," Florida's Chief Financial Officer Blaise Ingoglia said. "After a storm, the last thing that a policyholder should have to deal with is an insurance company that is not holding up their end of the deal. I will continue to work with the Office of Insurance Regulation to ensure that Florida’s insurance market is working for its insurance policyholders and that insurance companies are adhering to their requirements."
"Claims management practices must always be efficient and fair, especially after Hurricanes," Yaworsky said. "I have said it before, and will say it again, the Office of Insurance Regulation takes consumer protection very seriously. I implore all insurers to review their practices and perform at the high caliber we expect. I am also very proud of our team’s efforts in holding insurers accountable and want to commend their efforts — OIR's Market Conduct Unit has initiated over 100 examinations, completed more than 340 investigations and secured $14.5 million in consumer restitution."
The OIR said it has also secured about $14.5 million in consumer restitution since insurance reforms were passed by lawmakers.
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