REGULATOR BARS INSURERS FROM CANCELLING FLORIDA POLICIES

Florida’s insurance regulator has banned Floridian insurers from cancelling policies held by residents of 12 counties worst hit by hurricane Charley. Kevin McCarty, director of the state’s Office of Insurance Regulation, ordered companies not to take any action before October 15 unless they were asked to do so by an affected homeowner. He also ordered that insurers withdraw cancellation notices sent to customers between August 3 and August 13 when the hurricane hit. Mr McCarty made the move in response to a request from Florida chief financial officer Tom Gallagher, who said that “we will need to recognise extenuating circumstances for storm victims”. The move was not based on complaints that insurers had actually cancelled any policies.