Fort Lauderdale, FL. January 20, 2016: Florida Insurance Commissioner Kevin M. McCarty’s resignation presents an opportunity for Floridians to weigh in on the replacement process for this critical position. Since the Florida Office of Insurance Regulation (FLOIR) was created in 2003, McCarty has served as its only appointed Insurance Commissioner.
Commissioner McCarty was honored last year by the Florida Association for Insurance Reform (FAIR) with a Lifetime Achievement Award, in acknowledgement of the impressive mark he has made on the Florida insurance playing field.
FAIR President and CEO, Jay Neal, noted that since the current cabinet took office, “the Florida private property insurance market has successfully attracted new and noteworthy private risk capital, removed a million policies from Citizens, significantly increased aggregate surplus and, with ample reinsurance coverage stands ready and able to pay claims from a series of catastrophic events more powerful than any events in recorded history. Just today, Citizens announced a policy count under 500,000. This critically important appointment needs industry knowledge, experience and balanced leadership abilities to continue the course.”
FAIR is proposing to the Governor and Cabinet that a national search firm be hired to conduct a nationwide search. It should allow for input and review by stakeholders, especially consumers. FAIR also recommends that the search process should be conducted in an open and transparent manner while cautiously monitoring the participation of all local stakeholders to avoid any accusation of “politicizing” the process. FAIR believes that working together is the best way to solve even the most contentious issues in the Florida property insurance market, the most competitive market in the nation.
To confirm the new appointee for this critical position, three “Yes” votes are required from Governor Scott, Chief Financial Officer (CFO), Attorney General and Agriculture Commissioner. Both the Governor and the CFO, Jeff Atwater, have veto power and must both vote “Yes.”