Florida’s second largest property insurer has been hit with a fine of nearly $1.3 million. According to Florida Insurance Commissioner Kevin McCarty, the fine is being assessed by his office against Universal Property & Casualty Insurance Company. Universal has about 542,000 policyholders in Florida and collects more than $765 million a year in premiums. Only Citizens Property Insurance Corp. has more residential customers.
A review by state regulators determined that Universal had unnecessary delays in paying claims. The company was also unable to prove that it timely mailed out cancellation notices or notices of non-renewal. The president and chief executive officer for Universal stepped down from his position back in February while the review was still underway. Universal had 21 days to decide to challenge the $1.26 million fine.
Source: Claims Journal
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