Insurer says investigation 'punishment' for hikes
alleged collusion to punish it for asking for higher premiums.
"OIR's insistence on such a broad scope for its subpoenas can only be
for purposes of punishing Petitioners for seeking a rate increase,"
attorney Harry Thomas writes in a petition asking a Leon County Circuit
Judge to limit the reach of investigators.
The Office of Insurance Regulation has demanded extensive amounts of
records from at least three companies -- State Farm Florida, Cincinnati
and Auto-Owners Insurance. It seeks copies of their correspondence with
rating agencies, trade organizations and catastrophe modeling firms.
Cincinnati says the subpoenas are so broad it would have to turn over
copies of trade magazines, McDonald's receipts and invoices for soup as
well. It blames "frustrated politicians" and "apparent political
motivations" for an "obvious attempt to divert public attention and
publicity away from OIR and the Governor's representations" of promised
rate cuts.
Gov. Charlie Crist referred to the investigation repeatedly at a
September Cabinet meeting, vowing to uncover whether Florida insurers
have conspired to thwart rate cuts. Some three dozen insurers seek to
raise rates instead. Cincinnati has filed for a 37.5 percent increase.
To date, court files show, Cincinnati has turned over 4,400 pages of
records in three cardboard boxes. Regulators say Cincinnati is
withholding material, sometimes not even identifying what it won't
release. However, two of the internal documents withheld so far go to
the heart of the investigation -- notes show they address Cincinnati's
legal strategies in Florida.


About Me: Paige is a reporter at the Florida Capital Bureau.








ADVERTISEMENT
0 Comments:
Post a Comment
<< Home