TALLAHASSEE, Fla. – Florida lawmakers held a hearing Friday to investigate whether some property insurance companies were exaggerating losses while profiting billions.
It came after bombshell reporting by the Tampa Bay Times. The outlet uncovered a never-before-seen state report that found during the insurance crisis, following hurricanes Irma and Michael, as your insurance premiums started to spike, some Florida insurance companies were making billions in profits while claiming to lawmakers they were losing money.
The newspaper reported that they were coaching lawmakers into making changes that benefited the industry, like introducing bills that curb lawsuits.
In the Florida House Banking and Insurance Committee Friday morning, Florida’s former insurance commissioner was asked what he knew.
“In the staff analysis of the tort reform bill, there was a fiscal allocation of a million dollars to the (Office of Insurance Regulation) Commissioner, did you receive a million dollars in that bill when it was passed?” Rep. Yvonne Hayes Hinson, D-Gainesville, asked. “I’m trying to verify that you personally did not receive a million dollars.”
“No ma’am, I can confirm I did not personally receive a million dollars,” former Florida Insurance Commissioner David Altmaier said.
The current commissioner also faced tough questions.
“The number one thing out there to the people of Florida is they want answers as to why insurance rates are so high,” Rep. Mike Caruso, R-Delray Beach, said.
Rep. Hillary Cassel, R-Dania Beach, asked, “How does the office justify receiving this report that seemed to indicate $14 billion went to affiliates and they just dropped the ball because they were too busy?”
The former insurance commissioner was also asked if the governor knew about the report. He said he did not recall.