TAMPA, Fla. (WFLA) — Florida Insurance Commissioner Mike Yaworsky ordered penalties against two insurance companies for their claims-handling practices during hurricanes in recent years.
On Monday, the Florida Office of Insurance Regulation announced $250,000 penalties against Kin Interinsurance Network and Slide Insurance Company for how they handled claims made by Floridians in the wake of hurricanes Ian and Idalia.
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“Claims management practices must always be efficient and fair, especially after Hurricanes,” Yaworsky said in a statement. “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.”
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The office’s Market Conduct Unit found that Kin failed to provide disclosure statements for both hurricanes and failed to pay out claims within 90 days of Hurricane Ian. The unit determined that Slide used unappointed adjusters and failed to provide disclosure statements for the hurricanes.
“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,” Chief Financial Officer Blaise Ingoglia said in a statement. “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.”
