Florida’s insurance commissioner quits amid state’s property insurance crisis

Florida’s insurance commissioner quits amid state’s property insurance crisis

Printed Dec. 15, 2022|Updated Dec. 16, 2022

TALLAHASSEE — Florida’s insurance policy commissioner submitted his letter of resignation Thursday, a working day right after the Legislature built key alterations to the state’s troubled property insurance plan industry.

“I am so happy of the perform the Place of work has been equipped to achieve throughout my tenure,” David Altmaier wrote in a letter to Gov. Ron DeSantis. “I keep on being dedicated all through the remainder of my tenure — and immediately after — to keep on the momentum we have set up to make Florida the finest location in the union to reside, function, and prosper.”

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Altmaier, 40, did not say whether he was leaving for one more chance. His final working day is Dec. 28.

“Since the Governor took workplace, Commissioner Altmaier has been instrumental in assisting to pass and employ main home insurance coverage reforms to bring relief to Floridians,” DeSantis spokesperson Taryn Fenske claimed in a assertion. “We want to thank him for his several years of community services.”

As the state’s major insurance policies regulator, Altmaier has presided more than the point out company that approves field level filings, conducts investigations into insurers’ actions and can declare insurers bancrupt.

An analyst who started at the company in 2008, Altmaier rose by way of the ranks right up until he was named as commissioner by then-Gov. Rick Scott in 2016.

Due to the fact then, the state’s assets insurance sector has imploded. Eight providers have long gone bancrupt considering that 2019, and dozens of many others have stopped creating new policies or pulled out of the state.

Homeowners’ insurance policy premiums have long gone through the roof, with Floridians now paying an regular of extra than $4,200, triple the national regular.

This 7 days, legislators convened in Tallahassee to go new laws to remedy the sector — their fourth endeavor in as numerous yrs.

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The modifications bundled boundaries on lawsuits versus insurers that have been prolonged sought by the business. Altmaier endorsed the legislation and reported he thought it would at some point lead to decreased premiums.

Democrats criticized Altmaier this week for not executing adequate to law enforcement insurance plan corporations more than the several years. (The Department of Monetary Expert services, led by elected Main Fiscal Officer Jimmy Patronis, also regulates insurers. No other state splits regulation amongst two offices.)

“During David Altmier’s time as Insurance plan Commissioner, insurance policy guidelines have grow to be much extra highly-priced and deal with much less than ever ahead of,” Rep. Hillary Cassel, D-Dania Seashore, an legal professional who sues insurance coverage firms, explained in a statement Thursday.

Altmaier’s resignation was foreshadowed on Monday, when Sen. Lori Berman, D-Boynton Beach, told him in a Senate committee, “It’s occur to my consideration that you are likely to be leaving the business incredibly shortly.”

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Berman was rebuked by committee chairperson Travis Hutson, R-Elkton, for not restricting her issue to the material of the monthly bill.

Altmaier did not handle Berman’s remark but stated that a pending research of the house coverage sector would continue no matter of who was in demand.