Universal Property & Casualty Insurance Co. was ordered by the Florida Office of Insurance Regulation to pay an administrative fine of $1.26 million.
The company, the second largest property insurer in the state, also was ordered to institute corrective actions and pay restitution if appropriate.
Regulators imposed the fine and other actions after uncovering issues related to prompt payment of claims, notices of cancellation and non-renewal, investment activity and adjustment of reserves, an…
Universal Property & Casualty Insurance Co. was ordered by the Florida Office of Insurance Regulation to pay an administrative fine of $1.26 million.
The company, the second largest property insurer in the state, also was ordered to institute corrective actions and pay restitution if appropriate.
Regulators imposed the fine and other actions after uncovering issues related to prompt payment of claims, notices of cancellation and non-renewal, investment activity and adjustment of reserves, an…