Average home insurance by state per statisticbrain/average-cost-of-home-insurance/. In Florida – Were #1, Were #1 – and its not even close. And why does scott want to keep our rates so high? Heres how Scott & the other dirt in Tallahassee work. A start-up company is handed a $52 million deal 2 months after contributing $110,000 to Rick Scotts campaign, & a few months after donating $30,000 to the Republican party of Florida. A sweetheart deal to a start-up insurance company with a President who ran previous insurance companies that racked up fines & violations from insurance regulators. Sounds like Scott & Widdicombe are very similar regarding being pure garbage. From tampabay/news/business/banking/citizens-board-approves-unique-deal-with-st-pete-insurance-company/2122522 A startup insurance company with ties to current and former top politicians could receive up to $52 million from Citizens Property Insurance Corp. after its board voted 3-2 Wednesday to approve a unique and outside-the-box deal. Heritage Property and Casualty Co., which opened for business nine months ago and contributed $110,000 to Gov. Rick Scotts campaign in March, will begin sending takeout letters to tens of thousands of homeowners this week. It could receive a multimillion-dollar cash windfall within months. The board at Citizens approved the deal despite concerns that the proposal was unveiled less than a week ago and that the St. Petersburg companys president, Richard Widdicombe, has a track record of fines and violations from insurance regulators. Two of the companies run by Widdicombe racked up hundreds of violations and thousands of dollars in fines for breaking insurance rules. The violations from the Office of Insurance Regulation include failure to pay claims timely, using unlicensed insurance adjusters and making misleading advertisements. One company run by Widdicombe was suspended and fined $150,000 for using unlicensed officials to sell insurance policies over the phone and sending repairmen to fix damages rather than paying for claims. Heritages lobbyist, Tom Gallagher, is a former insurance commissioner and an unsuccessful gubernatorial candidate who helped create Citizens. The firm he works for is run by Citizens former general counsel and has received between $60,000 and $110,000 in recent months to lobby the government on behalf of Heritage. The startup insurer also donated $30,000 to the Republican Party of Florida in October, two months after launching. Under the deal, Heritage will take out as many as 60,000 policies from Citizens, and receive up to $52 million in cash. Citizens has $6.4 billion in surplus, built up over seven years as no hurricanes have hit Florida since 2005. The payment would be structured as a backdated reinsurance agreement, where Citizens essentially pays Heritage to cover Citizens losses on certain policies from Jan. 1 to June 28, 2013. Since the period of time is in the past, Heritage can actively select policies that had no losses, in effect making the deal low risk. tampabay/news/business/banking/citizens-board-approves-unique-deal-with-st-pete-insurance-company/2122522 SO TO REVIEW - a start-up company is handed a $52 million deal 2 months after contributing $110,000 to Rick Scotts campaign, & a few months after donating $30,000 to the Republican party of Florida. The start-up companys President has a track record of fines and violations from insurance regulators. The start-up companys lobbyist is a former insurance commissioner and an unsuccessful gubernatorial candidate who helped create Citizens. The firm he works for is run by Citizens former general counsel and has received between $60,000 and $110,000 in recent months to lobby the government on behalf of Heritage.Citizens essentially pays Heritage to cover Citizens losses on certain policies from Jan. 1 to June 28, 2013. Since the period of time is in the past, Heritage can actively select policies that had no losses, in effect making the deal low risk.
Posted on: Fri, 08 Aug 2014 16:39:05 +0000
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