Florida senator wants state insurance chief to resign

A state senator wants Florida's insurance commissioner to resign, calling him "duplicitous and untrustworty" in a letter to Gov. Charlie Crist.
MAY 22, 2009
By  Bloomberg
A state senator wants Florida's insurance commissioner to resign, calling him "duplicitous and untrustworty" in a letter to Gov. Charlie Crist. Sen. Mike Bennett, R-Bradenton, also wrote Insurance Commissioner Kevin McCarty a lengthy letter Thursday demanding that he resign because lawmakers can no longer trust his word. That's after McCarty wrote a letter to Crist "essentially asking the governor to veto" a bill, which could result in higher property insurance rates for consumers who are willing to pay more, Bennett wrote. Bennett, the bill's Senate sponsor, wrote that McCarty had told him he would neither oppose the measure nor ask Crist to veto it. He also complained McCarty earlier sent out a news release opposing the bill although his staff members testified to the Legislature that it was a public policy issue for lawmakers to decide. "I find your professional behavior reprehensible," Bennett wrote. Ed Domansky, a spokesman for McCarty, declined comment. In his letter to Crist, Bennett asked him to fire McCarty if he refuses to resign. Crist spokesman Sterling Ivey said the governor's office was reviewing the letter but pointed out Crist cannot dismiss McCarty on his own. The commissioner is jointly appointed by the governor and Florida Cabinet. The bill that Crist has not yet acted on would allow homeowners and businesses, it they choose, to pay unregulated rates to get coverage for hurricanes and other hazards from highly capitalized national insurers. It's partly a response to a decision by State Farm Florida to withdraw from the state after McCarty denied a rate increase company officials said they needed to remain financially viable. The company is a Florida-only property insurance subsidiary of Bloomington, Ill.-based State Farm Insurance, which intends to continue selling auto and life insurance in the state.

Latest News

RIA M&A stays brisk in first quarter with record pace of dealmaking
RIA M&A stays brisk in first quarter with record pace of dealmaking

Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.

New York Dems push for return of tax on stock sales
New York Dems push for return of tax on stock sales

The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.

Human Interest and Income Lab streamline workflows for retirement-focused advisors
Human Interest and Income Lab streamline workflows for retirement-focused advisors

The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.

Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls
Buy or sell Canada? Wealth managers watch carefully as Canadians head to the polls

Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.