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Florida insurers steered money to investors while claiming losses, study says
The report was never given to lawmakers.
TALLAHASSEE — While Florida insurers claimed to be losing money in the wake of hurricanes Irma and Michael, their parent companies and affiliates were making billions of dollars, according to a study obtained by the Times/Herald. The numbers in the study are “eye-popping” and raise questions about why regulators would allow such financial arrangements, said Birny Birnbaum, executive director of the Center for Economic Justice and a former chief economist at the Texas Department of Insurance. Regulators this year are asking lawmakers to define “fair and reasonable” to include the actual cost of the service provided, the overall health of the insurer and how much in dividends were paid out.
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