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CFO Sink Statement on People’s Trust Consent Order with Oir

3/18/2009

 CONTACT:  Kyra Jennings or Kevin Cate
                  (850) 413-2842
 
TALLAHASSEE– Florida Chief Financial Officer Alex Sink today released the following statement in response to the Office of Insurance Regulation’s (OIR) Consent Order with People’s Trust Insurance Company:
 
“The Office of Insurance Regulation’s Consent Order with People’s Trust Insurance Company shows that People’s Trust committed numerous violations of the laws designed to protect Florida’s insurance consumers.  These violations confirm my concerns about People’s Trust MGA’s use of unlicensed agents to advise consumers on insurance matters.  I am deeply troubled by these violations, and commend Commissioner McCarty for taking action. 
 
“It is my responsibility to make sure Floridians are getting the best advice and making informed decisions on insurance products by dealing with properly licensed insurance agents.  My office will continue to work to ensure that People’s Trust Managing General Agent is prevented from using unlicensed agents to sell insurance products.”