Florida regulators have issued subpoenas to a ratings agency, Weiss Ratings, based in Palm Beach Gardens. The agency’s founder, Martin Weiss, made dire predictions about the state’s insurance market, claiming that homeowners insurers are on the verge of collapse and that homeowners are at high risk of not being paid for their claims related to hurricanes Helene and Milton.
The Office of Insurance Regulation demanded that Weiss and his company provide evidence to support these claims by the end of November. Weiss, however, has stated that his statements are protected by the First Amendment and is unsure if he will comply with the subpoena.
Weiss’ agency, known for its independence, has a history of criticizing insurers and questioning the effectiveness of legal reforms approved by Governor Ron DeSantis. Recently, Weiss revealed data showing that Floridians had the lowest chance of getting paid when filing a homeowners insurance claim, with a significant number of claims being closed without payment.
The agency’s statements have drawn the attention of regulators, with Weiss standing by his claims that insurers in Florida are abusing their power to deny damage claims as a tactic to conserve cash. According to Weiss, Florida’s insurance market is already in a state of collapse, further exacerbating the ongoing crisis.
Overall, Weiss Ratings has a history of challenging the insurance industry and is now facing scrutiny from Florida regulators for its dire predictions about the state’s insurance market. The outcome of this investigation could have significant implications for Florida’s homeowners and insurers.
This article was first published in Tallahassee for the Times/Herald.
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