Consumer Alert – Insurance Company Used Unlicensed Agents
New in Florida, People’s Trust Insurance Company is under fire from Department of Financial Services for using unlicensed personnel to sell insurance.
Palm Coast, Florida – March 9, 2009 – Some Floridians are finding that their present insurance company is going to cease doing business in Florida. Others are finding out that their present carrier has elected to not renew their present policy. Faced with an immediate need to find replacement coverage, they are vulnerable to illicit propositions.
Based on a complaint filed by the Florida Association of Insurance Agents, Florida CFO Alex Sink has taken action against People’s Trust Insurance Company, which only recently began doing business in Florida, for allowing unlicensed personnel to sell insurance. According to a statement issued by her office, CFO Sink also called on Florida Insurance Commissioner Kevin McCarty to look into the business practices of People’s Trust Homeowners Insurance because of its MGA’s use of unlicensed agents to sell insurance coverage. Insurance Commissioner McCarty has primary responsibility for regulation, compliance and enforcement of statutes related to licensed insurers and the monitoring of insurer market conduct.
People’s Trust has reportedly been soliciting actively in the Volusia and Flagler markets.
GoToby.com has been told that consumers should be aware of substantially lower quotes for coverage. Often, the low quotes are realized through undisclosed or poorly explained high deductibles and/or omission of key endorsements. Be sure you use an agent who takes the time to offer apples-to-apples comparisons.
You can check the license status of any individual or company at www.MyFlorida.com. For licenses under the jurisdiction of the Department of Financial Services, go to this link: https://www.myfloridacfo.com/data/aar_alis1/
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