Florida senator wants state insurance chief to resign

A state senator wants Florida's insurance commissioner to resign, calling him "duplicitous and untrustworty" in a letter to Gov. Charlie Crist.
MAY 22, 2009
A state senator wants Florida's insurance commissioner to resign, calling him "duplicitous and untrustworty" in a letter to Gov. Charlie Crist. Sen. Mike Bennett, R-Bradenton, also wrote Insurance Commissioner Kevin McCarty a lengthy letter Thursday demanding that he resign because lawmakers can no longer trust his word. That's after McCarty wrote a letter to Crist "essentially asking the governor to veto" a bill, which could result in higher property insurance rates for consumers who are willing to pay more, Bennett wrote. Bennett, the bill's Senate sponsor, wrote that McCarty had told him he would neither oppose the measure nor ask Crist to veto it. He also complained McCarty earlier sent out a news release opposing the bill although his staff members testified to the Legislature that it was a public policy issue for lawmakers to decide. "I find your professional behavior reprehensible," Bennett wrote. Ed Domansky, a spokesman for McCarty, declined comment. In his letter to Crist, Bennett asked him to fire McCarty if he refuses to resign. Crist spokesman Sterling Ivey said the governor's office was reviewing the letter but pointed out Crist cannot dismiss McCarty on his own. The commissioner is jointly appointed by the governor and Florida Cabinet. The bill that Crist has not yet acted on would allow homeowners and businesses, it they choose, to pay unregulated rates to get coverage for hurricanes and other hazards from highly capitalized national insurers. It's partly a response to a decision by State Farm Florida to withdraw from the state after McCarty denied a rate increase company officials said they needed to remain financially viable. The company is a Florida-only property insurance subsidiary of Bloomington, Ill.-based State Farm Insurance, which intends to continue selling auto and life insurance in the state.

Latest News

Advisor says retirement plan defaults still target an average
Advisor says retirement plan defaults still target an average

ERISA Investment Fiduciary Philip Chao says most retirement plans use target date funds as a one-size-fits-all default that ignores individual circumstances

Ex-broker in Florida gets more than six years for stealing $2 million from senior
Ex-broker in Florida gets more than six years for stealing $2 million from senior

Eric J. Stone was fired by Fidelity in 2021 after facing claims he took loans from clients.

Vistria takes majority stake in Curi Capital in fresh RIA deal
Vistria takes majority stake in Curi Capital in fresh RIA deal

Chicago-based Curi Capital gets new majority owner as $14 billion RIA eyes acquisitions and expanded family office services

WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem
WealthReach, VastAdvisor tie-up takes aim at advisors' cold outreach problem

Partnership pairs organic lead detection with paid ad targeting to help end "spray-and-pray" marketing for growth-seeking advisory firms.

LPL taps Wells Fargo vet as new chief technology and information officer
LPL taps Wells Fargo vet as new chief technology and information officer

Jonathan Lewis joins the wealth management giant as it proceeds with a $2 billion AI and technology push for advisors.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income