An insurance company in Florida has agreed a $30 million settlement with the state’s hurricane catastrophe fund following allegations that it submitted numerous ineligible claims.
Universal Property & Casualty Insurance Company (UPCIC) reached a deal with Florida’s attorney general this week after a year-long probe over allegations that it improperly backdated policies to secure higher reimbursements in the wake of Hurricane Irma in September 2017.
Why It Matters
The $30 million will be held by the Florida Hurricane Catastrophe Fund (FHCF), which is funded by premiums paid by Florida property insurers and works to stabilize the state’s insurance market following hurricanes.
What To Know
On Tuesday, the Office of the Attorney General of Florida said in a statement that its investigation into UPCIC found “numerous unrelated claims” made by the company to FHCF.
“As a result, the company agreed not to seek reimbursement for those claims, lowering the FHCF payout from Hurricane Irma to UPCIC by more than $30 million,” it said…