Friday, January 27, 2023

state insurance commissioner resigned

miami– insurance commissioner FloridaDavid Altmaier submitted his resignation letter a day after he approved major changes to the state’s critical homeowners insurance market.

Altmaier, who resigned on Dec. 28, has been Florida’s top insurance regulator since 2016.

In the letter, which did not provide details about his future plans, the official said he was “very proud of the work” done by his office during his tenure.

As the state’s chief insurance regulator, Altmaier heads the state agency that approves industry rates for one of the world’s largest insurance markets, investigates the behavior of insurers and authorizes them to declare bankruptcy. is agency.

Altmaier started at the agency in 2008 as an analyst. It was Governor Rick Scott, who appointed her commissioner in 2016.

The fact is that in the last three years, more than eight insurance companies have declared bankruptcy and more than a dozen have stopped selling new policies or left the state.

Plus, Florida homeowner insurance has skyrocketed. Floridians pay an average of $4,200 per year in premiums. A figure that triples the national average.

This year, Florida legislators attempted to address the dire state of the homeowners insurance market.

In the recently concluded special legislative session, Altmaier supported SB-2-A, which includes significant changes to the insurance system, seeks to reduce lawsuits against insurers, and promotes reinsurance for insurers. Allocates one billion dollars to give. ,

Altmayer himself said that the new policies would reduce insurance premiums.

This is something that his detractors dismiss. “During David Altmaier’s time as insurance commissioner, policies have become much more expensive and cover less than ever before,” Rep. Hillary Cassel, D-Dania Beach, said in a statement Thursday.

Other legislators have also criticized the work of the Office of Insurance Regulation and its oversight of state insurance companies.

For his part, Democratic House Speaker Jackson Peele asked a rhetorical question on Twitter about Altmayer’s resignation. “Which will be announced first: the next insurance company to leave Florida’s collapsed market, or your new high-paying job in the insurance industry?”

Commissioner Altmeyer, who has a degree in mathematics from the University of Kentucky, also serves as a member of the Florida Blockchain Task Force and the Florida Reopening Task Force during the COVID-19 pandemic.

Nation World News Desk
Nation World News Desk
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