Joseph Abraham, Miami left, and Michael Haggard, Coral Gables, right. Courtesy photos
Florida's Chief Financial Officer acknowledged a "broken law" governs the state's insurance industry, and said officials are ready to do something about it.
In response, lawyers across the state are now bracing for a round of lawsuits as the floodgates open for more litigation against insurance companies, whose actions are coming under new scrutiny.
Jimmy Patronis Jr., Chief Financial Officer of the state of Florida. Credit: DFS Florida via Wikimedia Commons
Florida CFO Jimmy Patronis said the state is broadening its investigation into alleged insurance fraud.
At a gathering of journalists in Orlando, Patronis was asked if insurance executives of present or former Florida carriers would be arrested and charged with crimes.
Patronis replied, "If the law was broken, yes, of course."
Patronis' Department of Financial Services is investigating alleged fraud in the wake of Hurricane Ian, and also reopening cases from prior storms, alleging carriers cheated homeowners, his office said.
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
© 2024 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.
Lisa Willis
Emmy award winning news anchor, reporter, weathercaster, writer, news director, marketing specialist having served in Miami, NYC, Baltimore, Seattle, Charleston, Myrtle Beach.
