Phil Sears / AP
TALLAHASSEE – Following lawmakers this 7 days passed an overhaul of the state’s assets-insurance policies method, Florida Insurance Commissioner David Altmaier on Thursday submitted his resignation to Gov. Ron DeSantis.
Altmaier, who designed the resignation effective Dec. 28, has been Florida’s major insurance regulator considering the fact that 2016. The letter did not depth his long run strategies.
“Beneath your leadership, we have worked with the Florida Legislature to fulfill historic issues with historic reforms, we have appear jointly to react to catastrophes, and we have carried out regulations and regulations that have risk-free guarded Florida’s coverage shoppers although maintaining our insurance policy marketplaces viable,” Altmaier wrote in the letter to DeSantis.
Altmaier has been in the article as the state has faced major difficulties in the assets-insurance plan market. Insurers through the past two a long time have dropped hundreds of 1000’s of procedures and received acceptance of massive charge will increase mainly because of monetary losses. Six insurers have been deemed insolvent this year.
Through a unique legislative session this 7 days, Altmaier backed a bill (SB 2-A) that will make significant modifications in the program. People modifications consist of striving to cut down lawsuits towards insurers and spending $1 billion in tax bucks to aid present vital reinsurance to carriers.
DeSantis is predicted to indicator the invoice, which gained final acceptance Wednesday from the Household.
Some lawmakers have been critical of the Workplace of Insurance policies Regulation’s oversight of the business and questioned Altmaier this week about challenges these kinds of as offering data and checking coverage corporations.
“What do you think will be declared first: The following insurance policies enterprise leaves Florida’s collapsing current market or his new substantial paying work in the coverage industry?” Household Democratic spokesman Jackson Peel explained in a Twitter submit Thursday soon after the resignation grew to become public.
But state Chief Fiscal Officer Jimmy Patronis, who allows oversee the Workplace of Insurance plan Regulation, praised Altmaier.
“I’ve experienced the satisfaction of working with @FLOIR_comm Commissioner Altmaier considering the fact that I took office in 2017,” Patronis tweeted. “David is a amazing general public servant and has been a continual hand for Florida’s insurance policy sector in the course of tough situations. I thank him for his support to the condition and would like him very well!”
It was not right away apparent who would swap Altmaier. DeSantis and state Cupboard customers appoint the coverage commissioner.
DeSantis spokeswoman Taryn Fenske issued a statement that indicated the timing of the resignation was joined to the end of the specific session.
“With this effective particular session driving us, the Business of Insurance Regulation Commissioner David Altmaier will be stepping down at the stop of this yr,” Fenske mentioned in the assertion. “Given that the governor took business office, Commissioner Altmaier has been instrumental in encouraging to pass and implement major assets insurance plan reforms to carry relief to Floridians. We want to thank him for his decades of general public service.”
Altmaier commenced working for the Office of Insurance Regulation in 2008 and formerly was an insurance policies agent and a superior-university math instructor, according to information posted on the office’s site. He served as president of the Countrywide Association of Insurance coverage Commissioners in 2021.
Even though Altmaier submitted the resignation letter Thursday, Sen. Lori Berman, D-Delray Seaside, requested him Monday all through a Senate Fiscal Plan Committee meeting about leaving the article. In response, Altmaier did not deny that he would action down – but also did not validate it.
The News Service of Florida questioned his place of work Tuesday early morning but did not get confirmation.
“This week, OIR (the Business of Insurance policies Regulation) is precisely centered on supporting endeavours to stabilize the Florida property insurance policy current market,” spokeswoman Samantha Bequer claimed in an e mail at the time. “Any official updates concerning the Florida Insurance Commissioner will be shared correctly by OIR. At this time, we will not be additional perpetuating this rumor.”
