Florida Insurance Commissioner Orders Universal Property and Casualty to Pay $1.26 Million Fine
May 30, 2013
Florida Insurance Commissioner Kevin McCarty has ordered Universal Property and Casualty Insurance Company (“UPCIC”) to pay a $1.26 million administrative fine in relation to issues arising from a recent market conduct examination.
The scope period, which was January 1, 2009, through May 2013, included an examination of UPCIC’s practices regarding claims and complaint handling, rate filings, financial transactions, underwriting and other areas.
To view the Order, click here.
The Florida Office of Insurance Regulation news release on the Order is reprinted below.
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TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty issued an Order today for Universal Property & Casualty Insurance Company (UPCIC). The Order addresses issues related to the Office of Insurance Regulation’s target market conduct final examination report, which is incorporated into the Order.
UPCIC is ordered to pay an administrative fine in the amount of $1.26 million and to comply with pertinent portions of Florida Statutes and the Florida Administrative Code, as well as, submit reports, institute corrective actions and pay restitution, if and where appropriate pursuant to Section 624.4211, F.S.
This is a non-final Order and UPCIC is entitled to request an administrative hearing before an independent Administrative Law Judge with the Division of Administrative Hearings. The company has 21 days to elect such a proceeding.
UPCIC is the second largest property insurer in Florida with more than $765 million in written annual premium and over 542,000 policyholders. The company represents an estimated 8.9% of the total Florida property insurance market and has been licensed to transact insurance business in the state of Florida since 1997.
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