People's Trust Violated Insurance Code: Fla.

Law360, New York (March 20, 2009, 12:00 AM EDT) -- Florida property insurer People's Trust Insurance Co. has stopped writing new policies as it addresses allegations that it violated state insurance regulations, including writing policies that could stretch beyond its claims-paying ability, the Florida insurance commissioner announced.

In a consent order lodged Wednesday in Florida's Office of Insurance Regulation, People's Trust agreed to correct the alleged violations of the state's insurance code and pay a $150,000 administrative penalty.

Florida Insurance Commissioner Kevin McCarty claims that People's Trust failed to obtain inspection reports to confirm cost values...
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