$1.5M in taxpayer money approved to research insurance rating agencies

The latest controversy with Florida’s property insurance market comes after legislators approved $1.5 million of taxpayer money for the Department of Financial Services and Office of Insurance Regulation to research alternative ways to financially rate insurance companies. “If they're willing to spend $1.5 million of taxpayers' money to find out if there's other rating agencies, global rating agencies in the marketplace that are interested in rating companies in Florida, all they had to do is pick up the phone and talk to AM Best,” Managing Director of Strategy and Communications at Global Credit Rating Agency AM Best Jeff Mango said. On Sept. 9, Florida's Legislative Budget Commission approved the request for $1.5 million dollars from the Insurance Regulatory Trust Fund, which DFS said would “allow key stakeholders to research and explore more predictable and reliable financial rating services or alternative solutions.” Full story: https://wfts.tv/3DLqTST