TALLAHASSEE, FL — On Monday, Florida Insurance Commissioner Mike Yaworsky announced two more insurance companies were fined for insurance handling practices during Hurricanes Ian in 2022 and Idalia in 2023.
The Office of Insurance Regulation (OIR) said it issued $250,000 penalties against Kin Interinsurance Network and Slide Insurance Company.
OIR said examination of Kin found "the company failed to provide disclosure statements for both Hurricanes and failed to pay or deny claims within 90 days for Hurricane Ian."
Slide's examination found it used unappointed adjusters and failed to provide disclosure statements for both Hurricanes Ian and Idalia, OIR said
On Sept. 2 Florida Insurance Commissioner Mike Yaworsky announced eight insurance companies were fined more than $2 million for 'several misconducts' in their response to claims made after Hurricanes Ian and Idalia. Chief Financial Officer Blaise Ingoglia called the fines the "tip of the iceberg."
With the two companies added penalties now amount to $2,575,000, OIR said.
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Kin Interinsurance Network provided this statement:
"Upon notification, Kin worked closely with the Florida Office of Insurance Regulation (OIR) to address and correct all findings in the consent order. The vast majority of these findings were technical in nature, such as not bolding text that should have been bolded or using disclosure language that did not match the exact required language. A small number of claims exceeded the 90-day processing rule due to delays from third-party vendors.
We regret the technical discrepancies but are comforted by the fact that none of our errors caused financial harm to our customers, which is the most important factor to Kin. Corrective actions were immediately taken to prevent these technical errors from recurring. We appreciate the Florida OIR’s diligence in protecting State of Florida policyholders and are glad to remain in good standing with both our policyholders and the Florida OIR due to our errors not impacting the excellent customer experience that Kin delivers.
Kin helps customers protect what matters most. We’re proud of our track record of efficiently handling claims. It’s one of the reasons why we have excellent customer experience ratings across Trustpilot (4.9/5), Google (4.7/5), BBB (4.68/5), and Nerdwallet (4.3/5)."
Slide was contacted for a statement and said it had no further comment at this time.
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