The Florida Division of Monetary Providers (DFS) held a regulatory workshop assembly looking for feedback on the current emergency adjustment rule. One factor all people notices in Tallahassee is that there’s a military of paid lobbyists {and professional} proponents of the insurance coverage business who present up at hearings.
These skilled insurance coverage lobbyists and business folks should work out a script prematurely. Your complete listening to was dominated by these professionals. In fact, there aren’t any professionals for the policyholders.
My first reflection on this workshop is really how one-sided each assembly should be for politicians and insurance coverage regulators as a result of there isn’t any countervailing standpoint. Tasha Carter, who’s Florida’s Client Insurance coverage Advocate, didn’t say something. There isn’t any skilled policyholder foyer. A couple of volunteers and folks like me present up.
One other thought I had was about the one that despatched out the discover and the top quality of many civil servants who quietly held their jobs via varied political administrations and have seen quite a few agendas all through their careers. On this case, Greg Thomas is the particular person and right here is his background:
Greg Thomas is Director of Insurance coverage Agent & Company Providers, inside the Division of Monetary Providers (DFS), below Chief Monetary Officer Jimmy Patronis. His tasks embrace the licensing and oversight of all insurance coverage brokers, businesses, and adjusters within the state of Florida. Throughout his tenure, he has additionally led the Division’s various dispute packages, name heart and shopper complaints sections.
Greg earned his grasp’s diploma in threat administration & insurance coverage from Florida State College and has earned a number of skilled designations in insurance coverage, together with Chartered Property Casualty Underwriter (CPCU), Chartered Life Underwriter (CLU), and Fellow, Life Administration Institute (FLMI).
Greg has 38 years of expertise within the insurance coverage business, together with 6 years as an agent and 32 years as a regulator. He has earned licensure as a Basic Strains Property & Casualty Insurance coverage Agent and a Life & Well being Insurance coverage Agent.
The {qualifications} and expertise of some insurance coverage regulators like Thomas need to be admired. I beforehand famous this in Empowering Policyholders: Learn how to Collaborate with State Insurance coverage Departments for a Higher Insurance coverage Panorama:
Peg Brown is the Chief Deputy Commissioner for the Colorado Division of Insurance coverage. When she made an announcement this week on the Rocky Mountain Affiliation of Public Insurance coverage Adjusters (RMAPIA) that she could be retiring, I used to be unhappy. It’s my impression that Peg is in her prime with ardour and expertise that genuinely helps Coloradans and Colorado’s insurance coverage market. I’d not have felt this fashion a decade in the past. However over time, I’ve come to understand Peg’s views and proactive endeavors to enhance insurance coverage for everyone. She might be missed.
I generally surprise how troublesome it’s for clever, certified, and in any other case passionate insurance coverage regulators to freely be capable to do their job when their political bosses have a political agenda and are receiving giant donations from skilled insurance coverage lobbyists. I ask that open-ended query in all sincerity as a result of I don’t know what the solutions could also be. I additionally really feel responsible as a result of I’m sure that I mission that they could need to do what the political chief calls for as long as it’s not unlawful.
One other reflection is that everyone appears to agree that much more transparency is required from these producing estimates. If there’s one hope from the CBS 60 Minutes exposé, famous in CBS 60 Minutes Exposes Alleged Insurance coverage Firm Fraud: Adjusters Reveal Altered Hurricane Injury Estimates by Claims Administration, policyholders and the property insurance coverage adjustment and estimating course of demand extra honesty and transparency.
Lastly, a former unbiased adjuster turned public adjuster, Cindy Dycus-Bootier, offered the nicest, most detailed, and most plausible feedback about how she determined to go away adjusting for insurance coverage firms as a result of claims administration was systemically underpaying or delaying funds to policyholders. I’m certain that the skilled insurance coverage business lobbyists had been cringing whereas listening to her testimony. Her story was identical to the CBS 60 Minutes whistleblowers.
I have no idea the place she got here from, however I used to be actually comfortable she took private time to point out up and converse out. Regulators have to know there are lots of moral and gifted unbiased and firm subject adjusters who really feel identical to her and have comparable tales concerning the systemic underpayment that goes on with some Florida insurers.
The time to file written feedback is till November 12. Feedback could be despatched to Greg Thomas at Greg.Thomas@myfloridacfo.com.
Thought For The Day
Do it! What are you ready on? Do it! Rise up for what you consider in. The world wants your voice. Whoever you’re, you’ve one thing to say. Say it.
—Kerry Washington
