Florida Chief Financial Officer Alex Sink negotiated a rescue package last week that transfers 15,000 policies and more than 100 workers from failed Hialeah, Fla.-based workers' compensation carrier First Commercial Insurance Co. (FCIC) to a former rival in Miami.The Florida Department of Financial Services (DFS) forced FCIC and a transportation insurance subsidiary into liquidation on Aug. 24, after the carrier voluntarily agreed to be placed into rehabilitation in July.Sink forced FCIC into liquidation after state regulators took charge of the company and found 2,000 auto service warrant...
Comments