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."
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