State insurance regulators are finished for now with the state’s largest private property insurer. The Legislature should take it from here.
Universal Property and Casualty Insurance signed a consent order last week agreeing to a fine of $1.26 million after allegations that it cancelled policies after homeowners had filed a signficant claim. The company suddenly would discover a minor credit issue that it claimed voided the policy, even after years of accepting premiums. A Delray Beach homeowner got dumped after making a $10,000 claim for water damage. The Office of Insurance Regulation actually issued the fine last spring, but Universal last week agreed not to contest it.
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