Overview

• The Office named American Coastal, American Mobile, Centauri Specialty, Clear Blue, Monarch National, Sutton National, Tower Hill Prime and TypTap after examinations of 10 carriers tied to the 2022 and 2023 storms.
• Findings included missed pay-or-deny deadlines required by Florida’s 90-day rule, use of unappointed adjusters, delayed acknowledgments, missing disclosures, failure to provide the Homeowners Claims Bill of Rights and unpaid interest.
• Penalties total $2.1 million, including $400,000 each for American Coastal, American Mobile and Clear Blue; $325,000 for Monarch; $250,000 for Tower Hill; $150,000 for TypTap; $100,000 for Centauri; and $50,000 for Sutton.
• Consent orders were signed in August and posted this week, and the Insurance Commissioner said exam teams will deploy during storms to monitor companies with prior performance issues.
• Regulators reported error rates exceeding 60% for Ian files and 80% for Idalia at one insurer, noted more than $2.8 million in fines and over $8 million in restitution last year, and an industry group said the penalties were warranted.