Superintendent’s Update

We’ve made much progress since CFSIC’s board met on November 27.

First, on November 28, we received the remainder of the allotment of Bond Commission funding which had been due CFSIC for the fiscal year closing June 30, 2018. These funds have enabled us to continue our operations. Many people inside state government assisted us, and we are grateful.

For more than three months I have predicted that the commercial insurance industry would eventually respond positively to CFSIC’s formation and support our efforts to assist homeowners. The organization of CFSIC has served as a catalyst in many ways, and we see that as part of our role.

On December 6, the Travelers announced the creation of the Travelers Benefit Program…a program aimed at supporting CFSIC by providing additional financial assistance to current and former Travelers insureds who have successfully met CFSIC’s underwriting and claims management criteria, and whose claims will be first paid by CFSIC…and then supplemented by direct Travelers financial support.

You can learn more about the Travelers Benefit Program by clicking here. When we launch on January 10, this website will contain much more detail on this important development, as we now work out the administrative process with our colleagues from Travelers.

Travelers has taken a real step forward, and we applaud them. We expect other insurance carriers to follow suit using the Travelers example, as the program we and Travelers have devised relies heavily on the quality and the integrity of CFSIC’s claims management and claims payment process.

We also realize that many homeowners had a visual examination done some time ago…obviously these visual exams pre-date the launch of CFSIC and the severity class coding we will be employing. Please watch this page, because well prior to the January 10 launch, we’ll be announcing the way in which those persons who had a visual examination done prior to launch can get that exam severity-coded to be in compliance with CFSIC’s guidelines.

Lastly, we have revised this website in ways designed to make the claim process for homeowners clearer and easier to comply with. We’ve also added a separate contractors’ section. We want to give contractors as much help as we can as we all get started on this great task before us…beginning on January 10, 2019.

Michael Maglaras, Principal
Michael Maglaras & Company
Superintendent, CFSIC