TALLAHASSEE, Fla. - Chief Financial Officer for Florida Jeff Atwater sent a letter to Florida Insurance Commissioner Kevin McCarty today asking him to analyze the property insurance market.
The issue CFO Atwater is concerned about involves reinsurance. Property insurance companies are supposed to pass along the reinsurance savings they see year-to-year, if any, to Floridians. Atwater wants to make sure that is happening.
According to the CFO's letter, the cost of reinsurance for property insurance companies is going down, yet he says those companies are not lowering insurance rates for the consumers.
Atwater wants Commissioner McCarty to oversee an analysis that shows how much insurers are saving, how those companies are using those savings and how customers are benefiting and he wants it done by mid-December.