Florida CFO Jimmy Patronis laid blame on executives that he said care more about “woke” policies and “virtue signaling” than acting in the best interest of its customers.
Florida CFO Jimmy Patronis vowed to investigate Farmers Insurance for dropping about 100,000 policies, suggesting that corporate leaders would be dragged before the Legislature next session to answer for their actions.
Patronis also said he has directed the Division of Consumer Services to investigate any complaints against Farmers, which could lead to fines against the carrier. “After every thing the Florida Legislature has done to assist insurance companies from slowing the bleed, and then to have Farmers communicate their intentions in such a ham-handed manner, [the] company leadership needs to get ready because my guess is they’re about to get hauled before the Legislature to answer for their actions when the next legislative session begins,” Patronis said.
“While the office recognizes companies need to make operational changes to books of business, OIR always appreciates the opportunity to discuss these complex issues prior to receiving notifications of this nature,” Yaworski wrote. Farmers told the state on Monday it was committed to helping find new carriers for the policyholders it won’t be renewing.Florida law requires an insurer to give the state 90 days’ notice in writing if it plans to stop writing insurance or cancel 10,000 or more homeowner policies within 12 months. The insurer must also provide a reason that is permitted under state law before sending out nonrenewal notices to customers within 120 days of their policies’ expiration dates.
Democrats blasted Patronis, DeSantis and the Legislature for failing to adopt any meaningful changes that would reduce premiums and help consumers despite three regular legislative sessions and two special sessions.
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