The Florida home insurance startup company People's Trust, which sells products from a call center, has signed a consent order to pay $155,000 in penalties and to stop writing policies until it meets certain regulatory criteria, it was announced today.
Announcement of the settlement by Florida Insurance Commissioner Kevin McCarty appears to end a dispute that saw People's Trust Chief Executive Officer Mike Gold accuse Florida Chief Financial Officer Alex Sink of moving against him because of pressure from an agent group.
Ms. Sink's office said she was only carrying out the law. Following word of the consent order Ms. Sink issued a statement saying, "These violations confirm my concerns about People's Trust MGA's use of unlicensed agents to advise consumers on insurance matters. I am deeply troubled by these violations, and commend Commissioner McCarty for taking action."
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
