Major Fla. Property Insurer Must Pay $1.3M Fine For Violations

Law360, New York (May 30, 2013, 3:18 PM EDT) -- Florida's insurance regulator on Thursday ordered Universal Property & Casualty Insurance Co., the second-biggest property insurer in the state, to pay a $1.26 million fine to resolve issues uncovered during an examination, including repeat violations.

The Florida Office of Insurance Regulation ordered UPCIC to pay the administrative fine about two years after it started scrutinizing the insurer's rate filings, underwriting, financial transactions, and handling of claims and complaints, as part of a market conduct examination.

Among other violations, the regulator found that UPCIC's policy of requiring...
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