Florida CFO Jeff Atwater Requests Reinsurance Cost Savings Analysis from Florida Insurance Commissioner By December 18
Oct 29, 2013
Reiterating his concerns that Florida’s property insurers are still not passing along their reinsurance cost savings to consumers, Florida Chief Financial Officer Jeff Atwater once again wrote to Florida Insurance Commissioner Kevin McCarty today, October 29, 2013, asking him to perform an analysis to ensure policyholders are being treated fairly.
“My question to you is simple,” CFO Atwater wrote. “Why have rates not come down?”
The requested analysis, components of which the CFO outlined in his letter and requested for submission by December 18, 2013, would entail:
- An accurate representation of how much insurers are saving
- How insurers are utilizing these savings
- How customers are benefiting
CFO Atwater specified that his request ” . . . is not suggesting insurers should put themselves at any greater risk or not acquire the appropriate level of reinsurance. Our goal should be to ensure rates are fair and companies are sound.”
The complete letter is attached for review.
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