People's Trust Insurance Company CEO Mike Gold on Florida Insurance Regulator Consent Order

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People's Trust Insurance Company issued a statement today regarding its consent order with Florida's Office of Insurance Regulation. CEO Mike Gold stated, "The issues raised in the consent order do not impact our existing policyholders; their insurance coverage remains in full effect. Achieving full compliance will ultimately make us a stronger organization and we look forward to again providing Floridians cost-effective insurance coverage."

As the OIR has noted, People's Trust has already implemented several important changes. We are committed to satisfying all the remaining requirements as soon as possible.

Florida's Office of Insurance Regulation (OIR) recently conducted a market conduct examination of People's Trust Insurance Company. It was determined there were additional procedures and systems needed in the People's Trust Insurance Company business model to achieve full compliance with OIR guidelines. CEO Mike Gold stated, "As the OIR has noted, People's Trust has already implemented several important changes. We are committed to satisfying all the remaining requirements as soon as possible."

Gold further stated, "These issues do not impact our existing policyholders; their insurance coverage remains in full effect. While we fine-tune operations to meet state standards, People's Trust has agreed not to take on additional policyholders. Achieving full compliance will ultimately make us a stronger organization and we look forward to again providing Floridians cost-effective insurance coverage."

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Stu Opperman
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