$1.5 million approved for Florida to study alternative insurance pricing

By Ben Zigterman (September 9, 2022, 10:00 p.m. EDT) — Florida’s Joint Legislative Budget Committee on Friday approved a request from the state Department of Financial Services to spend up to $1.5 million on a consultant which would explore alternative methods for valuing business insurance.

The request came after state leaders blasted the state’s top ratings agency, Demotech Inc., in July over possible plans to downgrade 17 insurers.

Florida Insurance Commissioner David Altmaier and state Chief Financial Officer Jimmy Patronis accused Demotech of discrepancies in its ratings methodology, which Demotech Chairman Joseph Petrelli denied, warning that the downgrades could place insurers at rating levels not recognized as sufficient by…

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