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Home Insurance

Florida Agents Must Return $4M in Unearned Commissions From Insolvent Gulfstream

in Insurance
Florida Agents Must Return $4M in Unearned Commissions From Insolvent Gulfstream
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Insurer insolvencies are laborious sufficient on policyholders and firm executives, however native brokers throughout Florida are also feeling the ache from one current liquidation and should quickly really feel it from others.

The Florida Division of Monetary Companies has notified brokers that invoices for unearned commissions for Gulfstream Property and Casualty Insurance coverage Co., which was liquidated final summer season, could be despatched out beginning this week.

The entire commissions that have to be returned quantity to about $four.1 million, and should come from 985 businesses, stated Kyle Ulrich, president of the Florida Affiliation of Insurance coverage Brokers.

That’s a median of $four,162 per company. However some Florida businesses wrote hundredss of Gulfstream insurance policies that had been canceled earlier than they expired, and should face vital payments.

“I feel we’re in all probability getting a invoice for about $20,000,” stated David Radcliffe, a department supervisor and producer at Underwood Anderson Insurance coverage company in Gulf Breeze, Florida. “We now have the cash, however hastily we now have to put in writing a verify for that.”

Many brokers in Florida in 2022 may even be requested to return unearned commissions from St. Johns Insurance coverage Co. and from Avatar Property and Casualty Insurance coverage, which had been deemed bancrupt earlier this yr. Lighthouse Property Insurance coverage Co. was positioned into receivership final week by Louisiana regulators, and brokers in Florida could also be requested later this yr to return their commissions on these insurance policies.

And extra insolvencies are anticipated earlier than the yr is out as many insurers proceed to face losses from hurricane claims, roof replacements and litigation prices.

Bradford

“It’s not a enjoyable time to be within the insurance coverage enterprise as an agent proper now,” stated Amber Bradford, proprietor of the We Insure company in Navarre, Florida.

Bradford stated she had written about 50 house owner insurance policies with Gulfstream, however has not but seen the invoice from the Division of Monetary Companies.

“I think about some businesses might be harm much more than we’re,” she stated.

One panhandle insurance coverage company reportedly had written 1,600 insurance policies with Gulfstream lately, brokers stated. Different high-volume producers across the state may face even better bills. Gulfstream had greater than 35,000 insurance policies in power when it was liquidated in July 2021, state officers have stated.

DFS indicated that every one invoices for unearned commissions ought to be despatched to brokers by the top of Might. The division, which is appearing because the receiver for Gulfstream, will work with brokers who want help in making funds, the FAIA’s Dave Newell stated Tuesday in a bulletin to brokers.

“Don’t hesitate to achieve out to the receiver to work out a reimbursement plan,” the bulletin famous. “Please publish any questions you will have about this course of, so we are able to get clarification from the receiver.”

Gulfstream additionally operated in Texas, Alabama, Mississippi and South Carolina, so brokers in these states are also affected. A discover from the South Carolina Property and Casualty Insurance coverage Warranty Affiliation stated that brokers in that state will obtain notices from Florida regulators about unearned commissions.

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